Covid-19: Australia dives into quantitative easing, cuts rates for 2nd time

Topics Coronavirus | Australia

Australia made a historic foray into quantitative easing on Thursday and cut interest rates for the second time in a month, joining a rush by global central banks to pump cash into the economy as the coronavirus pandemic crushed businesses. Following an out-of-schedule meeting, the Reserve Bank of Australia (RBA) reduced its cash rate to an all-time low of 0.

25% and said the board would not tighten policy until it achieves its employment and inflation goals. It also set a target for the yield on three-year Australian government bonds.

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