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The Wall Street Journal: Australia’s central bank says more rate cuts likely

SYDNEY — Australia’s central bank has signaled further interest rate cuts are likely, and forecast Friday that below-target inflation might persist until the end of 2018.

In a monetary policy statement, the Reserve Bank of Australia said it expects inflation to remain below its 2%-3% target band for most of its forecast period. The RBA said core inflation would be between 1.5% and 2.5% at the end of 2018, extending an already benign inflation outlook mapped out in a policy statement in May.

Sluggish wages growth, slack in the job market, falling rents, and intense retail price pressures will help to subdue inflation over the coming years, it said.

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