Today’s OCR Review from the RBNZ was straightforward compared to the dramatic events that unfolded earlier this year. The RBNZ opted not to make any change to the stance of monetary policy. It left the OCR at 0.25% and it left the quantum of the Large-Scale Asset Purchase programme at $60bn (more on exactly what that means below). This was exactly what we and the markets were expecting. The RBNZ acknowledged that the country has gone to Covid Alert Level 1 sooner than expected, and that recent economic data has suggested the economic fallout may not be as severe as previously anticipated. However, the RBNZ was deeply ... (full story)