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RBA’s Stevens Says He Doesn’t See Need to Reduce Rates Further

Australia’s central bank Governor Glenn Stevens said he’s not sure how long a flagged period of interest-rate stability will last and doesn’t see the need to further loosen “very accommodative” policy at the moment.

“I haven’t said how long a period because I don’t know,” Stevens told a parliamentary panel in Sydney. “That’s a bit of a shift on our part, where we had been saying that there might be scope to go down a bit more if needed. I don’t think we do need to at this point in time.”