Reserve Bank of New Zealand June 2019 monetary policy decision
Cash rate stays at 1.5%, as was unanimously expected
Bank comments (bolding mine):
- weaker global economic outlook
- risk of ongoing subdued domestic growth
- a lower OCR may be needed over time
Domestic growth has slowed over the past year
- construction activity strengthened in the March 2019 quarter
- growth in the services sector continued to slow
- Softer house prices and subdued business sentiment continue to dampen domestic spending
global economic outlook has weakened
- downside risks related to trade activity have intensified
Given the downside risks around the employment and inflation outlook, a lower OCR may be needed.
more to come
text of release: Official Cash Rate unchanged at 1.5 percent
