Australia succumbs to rates cut pressure
The Reserve Bank of Australia (RBA) chose to cut interest rates yesterday by quarter of a percentage point. Despite the domestic economy holding up, fears of the outside world—read Europe and China—causing havoc with trade were clearly too much of a concern.
Australia’s central bank cut rates yesterday (December 6) by 25 basis points to 4.25% on increased anxiety over the impact of global growth.
The RBA reasoned that although the domestic economy was still in good shape, it couldn’t see beyond the trade weakness surfacing on the back of Europe’s
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