The sight of so many flabby central bankers running nowhere inside a rat wheel is enough to make you barf.
That’s what we got yesterday in the RBA minutes.
The staff’s forecasts for GDP growth in the medium term had been reduced a little because of a lower assumed rate of productivity growth to which the economy would return by the end of the forecast period. This downgrade, described in detail in a dedicated chapter of the August Statement on Monetary Policy, reflected the staff’s assessment that some of the headwinds that had lowered productivity growth over the preceding decade or two were likely to persist over the coming two years.
