SYDNEY, Feb 21 : Australia's central bank, startled by the risk that inflation could prove stickier than previously thought, abandoned all thought of pausing at its February policy meeting and signalled more rate hikes would be needed in the months ahead. Minutes of the Feb. 7 policy meeting out on Tuesday sh
SYDNEY, Feb 21 : Australia's central bank, startled by the risk that inflation could prove stickier than previously thought, abandoned all thought of pausing at its February policy meeting and signalled more rate hikes would be needed in the months ahead.
The Board settled on a quarter-point hike, which brought the cash rate to a fresh decade-high of 3.35 per cent, noting an uncertain global outlook, the flexibility it has through the monthly meetings, and the already substantial increase in rates so far. "While inflation was expected to decline, there was a risk that it could persist at an uncomfortably high level, which would entail longer term costs."
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