New Zealand ANZ business survey for October
Business Confidence -42.7%
- prior -36.7
Activity Outlook -2.5%
- prior -1.8
ANZ comments (in brief):
- Most forward-looking activity indicators slipped a little, though residential construction intentions lifted.
- Responses received after the unexpectedly strong CPI data were weaker on average.
- Inflation pressures remain intense. Pricing intentions are gradually easing but are not yet indicating a meaningful fall in inflation.
The RBNZ were one of the first central banks to lift rates, and have done so aggressively since. And yet, "Inflation pressures remain intense".
If this were the case in the US, it makes me wonder about the market calling for a Fed 'pivot' any time soon given how far, so very far, they were behind the curve. I guess the US at least has a strong dollar going for it (to weigh on imported inflation ).
But, back to NZ, this from the report:
