RBA's Stevens on recent issues for monetary policy

In a speech 'Recent issues for the conduct of monetary policy' given on 17 February, Glenn Stevens of the RBA said the bank raised interest rates late last year because of inflationary risks and demand for credit.

He said: "It's true that inflation measured by the CPI is going to look low in the near term, because the exchange rate's been rising. But at the moment, that sort of outlook is disguising pressure in the non-traded part of the economy."

"Were non-traded inflation to build up more

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