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Australia’s Central Bank Jumps Ahead of Fed by Holding Interest Rates Steady
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SYDNEY—Australia’s central bank put the brakes on its campaign of interest-rate increases, breaking with many of its global counterparts as it steers the commodity-rich economy on a narrow path away from a recession.
The Reserve Bank of Australia kept its official cash rate at 3.60% at a policy meeting on Tuesday, snapping a run of 10 consecutive increases that have added 3.50 percentage points to the benchmark rate since May last year.
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