NAB preview of the Reserve Bank of Australia Minutes (of the April monetary policy board meeting)
NAB are succinct:
We now have to wonder if they will offer that much fresh insight given what we've just heard from the Governor
(NAB referring to comments from Stevens overnight - a run own of his comments is available here if you've missed them)
NAB go on:
We'll be looking for any signs in the Minutes that might hint whether the RBA thinks that the economy is tracking in line with its forecasts prepared in the lead up to the February rate cut
In the March Minutes, the Bank noted that their decision to wait reflected that "members saw benefit in allowing some time for the structure of interest rates and the economy to adjust to the earlier change. They also saw advantages in receiving more data to indicate whether or not the economy was on the previously forecast path". A restatement along similar lines or even some clarification of how the economy is tracking relative to the earlier forecast will provide useful guidance
