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RBNZ: OCR Needs To Remain Restrictive For Foreseeable Future
RBNZ: OCR To Need To Remain Restrictive For Foreseeable Future
— LiveSquawk (@LiveSquawk) August 16, 2023
- Confident Restrictive Rates Will Return CPI To Target
- Economy Evolving Broadly As Anticipated
- Still Risk Inflation Doesn't Slow As Much As Expected
- Measures Of Core Inflation Remain `Too High'
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RBNZ Forecasts Now Show Small Chance Of Another Rate Hike And Show A Recession Starting In Q3 2023
— LiveSquawk (@LiveSquawk) August 16, 2023
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RBNZ Minutes: Committee agreed that the OCR needs to stay at restrictive levels for the foreseeable future
The current level of interest rates is constraining spending and hence inflation pressure, as anticipated and required. • Committee agreed that the OCR needs to stay at restrictive levels for the foreseeable future. • New Zealand economy is evolving broadly as anticipated. • Headline inflation and inflation expectations have declined, but measures of core inflation remain too high. • In the near term, there is a risk that activity and inflation measures do not slow as much as expected. • Committee is confident that with interest rates remaining at a restrictive level for some time, consumer price inflation ... (full story)
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Official Cash Rate remains at 5.5%: The Monetary Policy Committee today agreed to maintain the Official Cash Rate (OCR) at 5.50%.
The Monetary Policy Committee today agreed to maintain the Official Cash Rate (OCR) at 5.5%. The current level of interest rates is constraining spending and hence inflation pressure, as anticipated and required. The Committee agreed that the OCR needs to stay at restrictive levels for the foreseeable future to ensure annual consumer price inflation returns to the 1 to 3% target range, while supporting maximum sustainable employment. The New Zealand economy is evolving broadly as anticipated. Activity continues to slow in parts of the economy that are more sensitive to interest rates. Labour shortages are easing as ... (full story)
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