Business
Why the RBA will cut rates on Melbourne Cup Day – The Australian Financial Review
The world’s central banks are playing a game of competitive devaluation. That cage match got serious with the Fed’s move to flexible inflation targeting.
There may be perverse influences at work via income effects, with workers saving more (and spending less) as interest rates fall, in order to hit a target level of retirement savings.
The build-up in non-financial private leverage is the clearest area of financial imbalance: even more monetary accommodation compounds that problem.
So why the announcement of a further series of stimulus measures on Cup Day?
The answer revolves around the likely course of the Australian dollar in the absence of any…
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