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Official Cash Rate unchanged at 1.5 percent
The Official Cash Rate (OCR) remains at 1.5 percent. Given the weaker global economic outlook and the risk of ongoing subdued domestic growth, a lower OCR may be needed over time to continue to meet our objectives. Domestic growth has slowed over the past year. While construction activity strengthened in the March 2019 quarter, growth in the services sector continued to slow. Softer house prices and subdued business sentiment continue to dampen domestic spending. The global economic outlook has weakened, and downside risks related to trade activity have intensified. A number of central banks are easing their monetary ... (full story)
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Key RBNZ quote:
— Anthony Barton (@ABartonMacro) June 26, 2019
- The Committee discussed the merits of lowering the OCR at this meeting. However, the Committee reached a consensus to hold the OCR at 1.5 percent. They noted a lower OCR may be needed over time. https://t.co/fKy07jfufj
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#RBNZ members agreed that more support is needed via looser credit conditions
— DailyFX Team Live (@DailyFXTeam) June 26, 2019
- BBG #NZDUSD #NZD
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- RBNZ: Relative to the May Statement, the Committee agreed that the risks to achieving its consumer price inflation and maximum sustainable employment objectives are tilted to the downside.
— Anthony Barton (@ABartonMacro) June 26, 2019
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