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Minutes reveal how TACO kept RBA on hold

As the Reserve Bank board agonised over its rate call this month, the spectre of Donald Trump’s trade war loomed large.

Donald Trump’s backdown from his trade war – and the financial market’s confidence that the peak of tariff fears are now behind us – played a crucial role in the Reserve Bank’s decision to shock the market by keeping official interest rates on hold earlier this month.

The release of the minutes from the RBA board’s meeting on July 7 and 8 also confirm that next week’s inflation data for the June quarter is the last thing standing between the central bank and rate cut next month.

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James Thomson is senior Chanticleer columnist based in Melbourne. He was the Companies editor and editor of BRW Magazine. Connect with James on Twitter. Email James at j.thomson@afr.com

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    Original URL: https://www.afr.com/chanticleer/how-taco-helped-keep-the-rba-on-hold-20250722-p5mguy