Reserve Bank of New Zealand policy meeting this week - preview (on hold widely expected)

The Reserve Bank of New Zealand announce their decision at 2pm New Zealand time on Wedensday the 10th July, which is is

• 0200 GMT on the 10th and 2200 US Eastern time on the 9th.

Brief comments via Westpac on what to expect:

• we are not anticipating any change in the OCR – which will remain at 5.5% – or the guidance that “…monetary policy needs to remain restrictive to ensure inflation returns to target within a reasonable timeframe”.
• The overall tone of the RBNZ’s communication is likely to be similar to that seen in May, when the Bank pushed out the timing of its first policy easing to August next year.
• The RBNZ will emphasise the upside risks to inflation emanating from the less contractionary than expected Budget 2024. But they will balance this with some dovish messages around potential downside risks to growth as the economy continues to stall and the labour market eases.