Reserve Bank of Australia Keeps Interest Rates on Hold

The Reserve Bank of Australia (RBA) board has left interest rates on hold at 4.35 percent, in a decision widely tipped by economists. The board is determined to return inflation to target within a reasonable timeframe, but noted it is still going to take some time yet. Board members remarked inflation is easing, but it has been doing so more “slowly than previously expected and remains high.” “The board expects that it will be some time yet before inflation is sustainably in the target range. While recent data have been mixed, they have reinforced the need to remain vigilant to upside risks to inflation,” the RBA said....