From the RBNZ 'Shadow Board' (description o fhtme belwo).
- The majority view was an OCR increase of 25 basis points, given inflation pressures are still high in the economy and inflation expectations remain above the Reserve Bank’s 1–3 percent inflation target band.
- However, two Shadow Board members recommended the Reserve Bank keep the OCR unchanged at 4.75 percent. One of these members considered the OCR should have already peaked, while the other highlighted the increased risk of a recession looming.
You can read the whole thing here.
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RBNZ is mid-week:
Time is 0200 GMT on Wednesday, 5 April
- which is 10pm US Eastern time on Tuesday, 4 April
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The Reserve Bank of New Zealand 'shadow board' is put together by the NZIER (the New Zealand Institute of Economic Research)
- Its Monetary Policy Shadow Board is independent of the Reserve Bank of New Zealand
- the shadows do not represent what the RBNZ is going to do but rather what their view is that the RBNZ should do. That is, the Shadows do not preview what they think will happen, but what they think should happen.
- The Shadow Board aims to: encourage informed debate on each interest rate decision help inform how a Board structure might operate explore how Board members could use probabilities to express uncertainty
