Former Reserve Bank board member Warwick McKibbin has warned that rate cuts and quantitative easing by the RBA this Melbourne Cup day would undermine the economic recovery and further squeeze savers.
The RBA is expected to cut the cash rate from 0.25 per cent to 0.10 percent on Tuesday and announce as much as $163 billion in new bond purchases designed to reduce borrowing rates and stimulate the economy.
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Matthew Cranston is the United States correspondent, based in Washington. He was previously the Economics correspondent and Property editor. Connect with Matthew on Twitter. Email Matthew at mcranston@afr.com
Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
