is RBA seriously considering QE

A quote from last week’s March RBA Board Meeting Minutes, has garnered significant attention over the past week., the RBA noted that: “… Members had a detailed discussion of the Bank’s operations in repurchase and foreign exchange swap markets and their role in achieving the Board’s target for the cash rate.” When we read that comment we did not think it was sending any new message. Our immediate thought was that we should not be particularly surprised that the RBA Board would get an update on the key markets and processes involved in achieving their policy target.

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