Announcement and summary of statement is here:
From the minutes to the meeting, Headlines via Reuters:
- Committee agreed that monetary conditions are restricting spending and reducing inflationary pressure as anticipated
- Committee agreed that interest rates will need to remain at a restrictive level for the foreseeable future
- Inflation remains too high
- Committee noted that monetary conditions have continued to tighten
- Committee noted inflation is still expected to decline within the target band by the second half of 2024
- Monetary policy in new zealand reached a more restrictive level earlier than in many other economies
- Recent data suggest that tight monetary conditions are constraining domestic spending as expected
- Employment remains above its maximum sustainable level, however recent indicators suggest that labour market conditions are easing
- Labour shortages have started to ease, partly in response to the recent arrival of more migrants
NZD/USD coming off a little after its earlier rise:
