Earlier from the Reserve Bank of New Zealand is here:
- RBNZ leave policy unchanged, as expected
- NZD marked higher in the wake of the RBNZ monetary policy statement
- RBNZ monetary policy meeting minutes
Now Orr in his post-meeting press conference:
- says price pressures in the economy are likely to be temporary
- tentative signs business investment is on the rise
- OCR projection will only happen if the economy pans out as expected
- feels confident using the projection of OCR as guidance
- Orr says he is confident the risk of generalised inflation remains low
- always looks forward when setting interest rates
- some of the more extreme economic risks are off the table
- house prices do not enter our decision making
- house price growth is waning, housing supply is increasing
From Dep Gov Hawkesby:
- an important message is that OCR is not forward guidance
- rate projections is not forward guicance
more to come
