Members commenced their discussion of financial conditions by reviewing developments in advanced economy equity markets. Market sentiment had deteriorated briefly amid concerns about elevated valuations, especially for global technology companies. Equity prices had fallen for a period but there had been a subsequent rebound in many countries. In the United States, this partly reflected expectations of additional monetary policy easing. However, the decline in Australian equity prices had been more persistent than in other markets, reflecting a shift higher in the expected path for the cash rate and a reappraisal of ... (full story)