Reserve Bank of New Zealand Assistant Governor McDermott
These via Reuters :
- Says range of risks to outlook mean equal probability next move could be cut
- Little change in view on inflation for last few quarters
- Core inflation still needs a little shove to get it towards midpoint of target range
- Says non-tradeable inflation, inflation expectations key influences on OCR track
- Weakness against USD not what we anticipated; question is will it last
- Comfortable with TWI moves, not enough to move us from current strategy
- If TWI kept moving up and was following trend, think RBNZ would start using different language
- GDP revisions suggest speed limit for economy moved up to near 3 pct before inflation generated
- Says equity market volatility considered at meeting, not material at moment
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Adding a little to the earlier comments from McD reported by Bloomberg:
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ps. TWI is trade weighted index, a measure of the NZD against a basket of currencies relevant to the country (in trading terms)
