RBA to Sit for Some Time Yet

Australia’s central bank said it’s hard to gauge how much low interest rates will offset a drop in mining investment and tighter fiscal policy, adding that the currency was providing less assistance to rebalancing growth. “Those uncertainties were likely to take some time to resolve,” the Reserve Bank of Australia said in minutes today of its June 3 meeting, where it kept the benchmark cash-rate unchanged at a record-low 2.5 percent.

US Jobless Claims Rise But Still Close to 7 Year Low

The number of Americans filing new claims for unemployment benefits rose last week but stayed close to a seven-year low and pointed to ongoing healing in the labor market. Initial claims for state unemployment benefits rose 28,000 to 326,000 for the week ended May 17, the Labor Department said on Thursday.