Opinion
It’s not polite to mention the currency war
Foreign exchange For countries with no fiscal firepower left and interest rates at zero, quietly devaluing in the guise of stimulus is the only tool left in the box.
Maximilian WalshColumnistThe Reserve Bank of Australia follows the commendable practice of scattering what it calls boxes throughout the main text of its regular reports on monetary policy. These breakout boxes focus on particular, often highly significant developments in current policy formulation.
In its latest publication the RBA has published a box bearing the description: "The Decline in Bond Yields and Inflation Expectations". Hardly arresting, but these issues are destined to determine global economic performance through 2015 and beyond. Note the word, global.
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