Stevens’ ringing call on monetary policy

Either low interest rates are already working or monetary policy is broken. It's decision time for the Reserve Bank and its next move will have huge implications.

If the Reserve Bank were to cut interest rates today, it would be an admission that monetary policy, as we know it, is broken or that the economy, as we know it, is in much more trouble than most people currently think.

I don’t think the bank is willing to admit either, just yet, and so I do not think interest rates will move today.

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