Reserve Bank of New Zealand Governor Graeme Wheeler said while further monetary policy easing is likely, the economy currently isn’t weak enough to warrant big reductions in interest rates. The local dollar rose. “Some local commentators have predicted large declines in interest rates over coming months that could only be consistent with the economy moving into recession,” Wheeler said in a speech in Tauranga published on the RBNZ’s website Wednesday. “At this point, we believe that several factors are supporting economic growth.” Wheeler has cut the official cash rate twice in the past two months to revive inflation ... (full story)