Australia’s central bank held its policy rate at 3.85%, saying it needed more time to assess inflation data. Economists polled by Reuters had been expecting a cut of 25 basis points to 3.6%. In its statement Tuesday, the Reserve Bank of Australia said it was waiting for “a little more information to confirm that inflation remains on track to reach 2.5 per cent on a sustainable basis.” “While recent monthly CPI Indicator data suggest that June quarter inflation is likely to be broadly in line with the forecast, they were, at the margin, slightly stronger than expected,” the central bank added. Australia’s inflation ... (full story)