RBA minutes will reintroduce an explicit easing bias – RBC CM

Research Team at RBC Capital Markets, suggests that there was little in the RBA’s post meeting statement to suggest that the minutes will reintroduce an explicit easing bias into the RBA’s communication.

Key Quotes

“While we think the board will seek to deliver a dovish tone given that it is unlikely to see a 25bps cut as being a sufficient easing in policy, it will now likely wait for Q2 CPI to confirm as much. It will also likely prefer to see how the dust settles after the UK EU referendum and July FOMC meeting.”