Reserve Bank of New Zealand Assistant Governor McDermott remarks in a radio interview, reported by Bloomberg:
- Immigration hasn't added to inflation
- Consumer spending has been constrained
- Business, government also not spending
- Relative to the rest of the world NZ is doing very well
- Concerned housing market is over valued
- Stock market is not a financial stability threat
- Inflation will naturally rise to the 1 to 3 percent zone
- Will do what is appropriate to get inflation higher
- Does not think we are going to get to zero rate
- Monetary policy still works