The Reserve Bank got a tick from its board again this year over management of the Policy Targets Agreement with the Finance Minister - despite again missing its inflation target as set out by the PTA. In the central bank's 2016 annual report the board, chaired during the year by former RBNZ Deputy Governor Rod Carr, noted that inflation outcomes had been below the lower bound of the 1% to 3% target, "but in every case the projected medium-term inflation outcomes have been consistent with the target on the basis of the information available at the time". The board's report, signed by Carr and then deputy chairman ... (full story)