Australia holds rates at 6.75%

The Reserve Bank of Australia's rate-setting board voted on Wednesday to leave its benchmark cash rate at 6.75%, an 11-year high.

Glenn Stevens, the governor of the Reserve Bank, said after the decision that "the Board remains concerned about the outlook for inflation." But, Stevens said the heightened uncertainty about the global outlook and rising wholesale borrowing costs meant "the current stance of monetary policy should be maintained for the time being."

Both the headline and core infla

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