Glenn Stevens lifts veil on RBA comms strategy

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Forward guidance on the future path of interest rates has "served its intended purpose" by stifling market expectations of a rate hike, Reserve Bank of Australia (RBA) governor Glenn Stevens said today.

In this week's monetary policy decision, the RBA held its cash rate at 2.5%, while noting that, "on present indications, the most prudent course is likely to be a period of stability in interest rates".

The RBA has repeated this refrain in each of the past six months. Stevens said this was necess

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