Earlier from Orr here:
He is still going, more:
- Global rates do matter to us, very tuned into that outlook
- Will make decision on debt to income restrictions early next year
- Seeing credit growth slowing rapidly, our message on rates is being heeded
- We are saying rates need to be this high for some time to come, banks should listen
- We are not bound by policy meeting dates, can act on shocks if needed
- scheduled Comfortable on waiting until the February meeting right now
- Domestic inflation is causing the challenge, big part of that is dwelling costs
The next Reserve Bank of New Zealand policy meeting is on February 28, 3 months away. Orr says the Bank can act on policy outside of a scheduled meeting, if needed. That'd put the wind into the NZD sails!
