We continue to expect an economic recovery, locally and globally, with additional fiscal and monetary stimulus. However, this is likely to be at the more moderate end of previous market expectations. We continue to believe low interest rates will be required for quite some time to support the recovery. The RBA appears to agree, hence its decision to cut interest rates on Tuesday and more importantly extending its yield curve control strategy by announcing a AUD$100bn bond buying program for 5yr and 10 yr Government debt.
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