Weekend Economist: All eyes on the US

Developments in the US, including the appointment of Janet Yellen to Fed chair and the resolution of the debt ceiling debate, will ensure another RBA rate cut over the course of the year.

The Reserve Bank prudently maintained its easing bias in the October Board minutes. The most important aspect of the minutes was the decision by the Board to retain the following sentence: "Members agreed that the Bank should again neither close off the possibility of reducing rates further nor signal an imminent intention to reduce them". This statement had been used in the August and September minutes, but there was genuine market speculation that it would be dropped from the October minutes.

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