The Presidential Daily Brief

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    Australia Slashes Interest Rates to Record Low

    They’re taking the easing way out. In an attempt to curb deflation and currency values, the Reserve Bank of Australia has brought rates down to 1.5 percent — the second cut in four months. The island nation’s economy has been slowing as its industrial mining boom sputters to a halt and attempts are made to switch to a services-based model. The Australian dollar fell 0.6 percent at the news, but swiftly rebounded 0.2 percent — spurring predictions that there’ll be more easing down under before the end of 2016.

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