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Australia's Central Bank Cuts Rates to Record Low

  • Australian dollar slumps as much as 1.5% following decision
  • Stevens says price data suggests `lower outlook for inflation'
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Australia Cuts Rates to Combat Disinflation

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Australia’s central bank cut its benchmark interest rate to a record low and left the door open for further easing to counter a wave of disinflation that’s swept over the developed world. The move sent the local currency tumbling and stocks climbing.

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