Australian House Prices Provide Food for Doves and Hawks

Doves and hawks at Australia’s central bank may both find comfort in the latest reading on the housing market -- suggesting uncertainty about the next direction in monetary policy will persist, according to Bloomberg Economics. For the doves, median house prices continued to fall in February, with the month-on-month drop remaining sizable. The hawks, though, should find reassurance from the progressive slowdown in the pace of declines since December. The latter suggests stabilization ahead and limited contagion to the broader economy.