Australia RBA Stevens cautious on monetary policy

AUSTRALIA - Reserve Bank of Australia assistant governor Glenn Stevens struck a cautious note on monetary policy in a speech given on Wednesday, indicating that the actual level of interest rates is more important than changes in rates.

Stevens told the Economic Society of Victoria that the central bank formulates monetary policy in response to risks, rather than waiting for problems to build up.

He said that financial markets tend to focus on changes in the level of interest rates but the

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