澳大利亚降息25个基点

Core Viewpoint - The Reserve Bank of Australia (RBA) has lowered the cash rate by 25 basis points to 3.6%, marking the third rate cut this year and a total reduction of 75 basis points [1]. Monetary Policy and Economic Conditions - The RBA noted a significant decline in inflation since its peak in 2022, with June inflation at 2.1% and an expected annual inflation of 2.7%, approaching the target midpoint of 2%-3% [4]. - The labor market is showing slight easing, and the RBA believes that further monetary policy easing is appropriate to maintain price stability and full employment [4]. - Global economic uncertainty remains high, but clearer responses to U.S. tariffs and other countries' policies may help avoid extreme outcomes [8]. - Domestic private demand is gradually recovering, with real household income rebounding, although consumption growth remains uncertain due to weak demand in some sectors [8]. Global Central Bank Divergence - Recent meetings of major global central banks have shown differing monetary policy approaches. The Bank of England cut its rate by 25 basis points to 4%, citing signs of economic weakness [10]. - The European Central Bank opted to keep rates unchanged, indicating a cautious approach to avoid overstimulation while retaining policy flexibility [10]. - The Bank of Canada maintained its policy rate at 2.75%, highlighting resilience in the economy despite potential inflation pressures and weak exports [11]. - The Federal Reserve has also held its rate steady, with some members advocating for rate cuts in the near future, reflecting internal divisions on monetary policy direction [11].