RBNZ Governor Orr trimming monetary policy restraint is appropriate now

Reserve Bank of New Zealand Governor Orr spoke in a TV interview, basically repeating what he has been saying since the meeting yesterday.

In a nutshell:

• to proceed with caution in adjusting interest rates
• price behaviour is in line with low inflation
• removing monetary policy restraint is appropriate for the time being

Earlier today:

• Reserve Bank New Zealand Governor Orr: Definitely moving the right direction on inflation

Yesterday from the RBNZ and Orr:

• Reserve Bank of New Zealand announce cash rate cut to 5.25%
• NZD/USD marked lower after the Reserve Bank of New Zealand cut its cash rate
• RBNZ cut its cash rate by 25bp, market consensus was for on hold
• Market pricing is for a Reserve Bank of New Zealand rate cut at its next meeting too
• RBNZ Governor Orr: Confident inflation back in its target band