"Leaning against the wind" to rise - Stevens

Glenn Stevens, the governor of the Reserve Bank of Australia, expects the view that monetary policy should "lean against the wind" when asset prices are rising will gain in followers in the aftermath of the current market turmoil.

Speaking at the 50th anniversary of Bank Negara Malaysia in Kuala Lumpur, Stevens said that "those advocating leaning into the wind did not get enough traction" in the aftermath of the collapse of the dotcom bubble in the early 2000s.

Stevens said he suspected that the

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