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Monetary tightening continues
The Monetary Policy Committee today increased the Official Cash Rate (OCR) to 2.50 percent. The Committee agreed it remains appropriate to continue to tighten monetary conditions at pace to maintain price stability and support maximum sustainable employment. The Committee is resolute in its commitment to ensure consumer price inflation returns to within the 1 to 3 percent target range. The level of global economic activity, combined with the ongoing supply disruptions largely driven by both COVID-19 persistence and the Russian invasion of Ukraine, continue to generate global inflation pressures. Food and energy ... (full story)
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RBNZ:
— DailyFX Team Live (@DailyFXTeam) July 13, 2022
- Comfortable with OCR path outlined in May statement
- Appropriate to continue to tighten conditions at pace
- Resolute in commitment to ensure inflation within target
- BBG
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RBNZ
— DailyFX Team Live (@DailyFXTeam) July 13, 2022
- Pace of global economic growth is slowing
- OCR can go to lower level when supply/demand in balance
- BBG
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RBNZ: SPENDING AND INVESTMENT DEMAND CONTINUES TO OUTSTRIP SUPPLY CAPACITY, WITH A BROAD RANGE OF INDICATORS HIGHLIGHTING PERVASIVE INFLATION PRESSURES #News #Forex #RBNZ #INFLATION
— Capital Hungry (@Capital_Hungry) July 13, 2022
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- Emerging medium-term downside risks to economic activity
— DailyFX Team Live (@DailyFXTeam) July 13, 2022
- Members noted employment above maximum sustainable level
- High food and energy costs leading to subdued household spending
- BBG
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