The Reserve Bank of New Zealand statement is due at 0200 GMT, which is 2200 US Eastern time. I posted previews earlier:
- Preview - Reserve Bank of New Zealand monetary policy decision due today, on hold expected
- RBNZ meet: Shadow Board recommends keeping the Official Cash Rate (OCR) at 5.5%
This brief one is via Westpac:
- The Reserve Bank is widely expected to leave the OCR at 5.50% at its April policy review.
- There has been limited information on the economy since the February Monetary Policy Statement.
- GDP growth was slightly weaker than expected, but the impact is marginal compared to past forecast misses.
- Meanwhile, the inflation outlook still looks challenging in the near term, with the March quarter CPI likely to come in higher than the RBNZ’s forecast.
- We think the RBNZ will remain comfortable with the forward outlook that it communicated in February. Market pricing for an OCR easing as early as August is unlikely to find support
Note that there is no media conference or supplementary published report for the Monetary Policy Review today.
