Australia keeps Fed policy rate

The Reserve Bank of Australia kept the policy rate unchanged at 0.1 percent, but announced that it had abandoned its commitment to keep government bond yields low and not raise interest rates until 2024.

DECISION MADE RELATED TO INFLATION DATA EXCEEDING EXPECTATIONS
In a statement, the Central Bank based its decision to abandon its yield target in the government bond market on the improvement in the economy and the third quarter inflation data that exceeded expectations.

"SUPPLY DEMAND INFLATION WILL NOT EXCEED 2.5 PERCENT UNTIL THE END OF 2023"
Central Bank Governor Philip Lowe said, "The Board has made its preparations to be patient. Our main forecast is that supply-demand inflation will reach 2.5 percent by the end of 2023.