Weekend Economist: Flat track rates

All the attention on whether rates will move up or down next ignores the reality that they won't move in either direction for some time.

The Reserve Bank board next meets on August 5. There is almost no chance that any policy change will result out of the meeting.

Recall the concluding paragraph in the governor's statement following the last board meeting on July 1, "On present indications, the most prudent course is likely to be a period of stability in interest rates".

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