I will also discuss the importance of returning inflation to target and the roles that both aggregate demand management and expansion of the supply side of the economy can play in maintaining low inflation. Yesterday’s monetary policy decision At yesterday’s meeting, the Reserve Bank Board held the cash rate unchanged at 3.6 per cent.
Yet during the past 10 years, we haven’t had a single month with a decline in the overall number of jobs. I should note that I would not necessarily consider a single month of job losses as saying much about the direction of the economy.