Investing.com - Monetary policy is supporting economic growth and the weaker Australian dollar is helping, Reserve Bank of Australia Governor Glenn Stevens said on Friday, adding later that the outlook on interest rates is either steady or lower.
Stevens made the remarks in comments before the House of Representatives Standing Committee on Economics.
He added that China remains a question mark as its economy continues to moderate and the global economic outlook remains complex.
Overnight, citing the negative effects of global economic weakness on U.S. inflation, the FOMC voted to leave its benchmark Federal Funds Rate at its current level between zero and 0.25% on Thursday. Nearly a decade has passed since the U.S. central bank has last raised short-term rates.
"Recent global economic and financial developments may restrain economic activity somewhat and are likely to put further downward pressure on inflation in the near term," the FOMC said in a statement.