Core Viewpoint - The debate regarding whether the current cash rate of 3.6% is sufficiently restrictive to curb inflation is intensifying, which is crucial for future policy outlook [1] Group 1: Monetary Policy Assessment - The current assessment indicates that "monetary policy is moderately restrictive," which supports the expectation that "inflation will continue to slow" [1] - The best estimate suggests that the policy remains slightly restrictive, but this judgment is becoming increasingly critical in policy challenges [1] Group 2: Future Policy Implications - If it is ultimately determined that the policy is no longer moderately restrictive, it will have significant implications for future policy stance [1]

Core Viewpoint - The debate over whether the current cash rate of 3.6% is sufficiently restrictive to curb inflation is intensifying, which is crucial for future policy outlook [1] Group 1: Monetary Policy Assessment - The current assessment of "moderately restrictive" monetary policy is a key basis for the expectation that inflation will continue to slow [1] - The Reserve Bank of Australia (RBA) has maintained its interest rate after three cuts this year, indicating a cautious stance towards further easing due to high inflation, strong consumer demand, and a recovering real estate market [1] - The RBA has explicitly noted the uncertainty surrounding the evaluation of whether monetary policy remains slightly restrictive [1]

鲍威尔：当前，经济形势要求美联储保持适度的货币政策限制性。 ...

Core Viewpoint - The FOMC's monetary policy is largely restrictive and may have a moderate level of restrictiveness [1] Group 1 - The current monetary policy stance is characterized as having significant restrictive effects [1] - There is an indication that the policy may not only be restrictive but could also be described as moderately restrictive [1]