Yesterday the Reserve Bank of Australia (RBA) released it’s monthly statement on Monetary Policy Decisions. They are continuing to purchase bonds issued by the Australian Government at a rate of A$4 billion per week. The cash rate remains at 0.10%, a rate it has remained at now since November of 2020. They have halted their yield curve control program and quietly dropped the written assurance rates won’t rise until 2024 in the only concession to rising inflation. The RBA has also quietly tripled their holdings in the IMF’s Special Drawing Rights (SDRs).
