In the previous meeting, the RBNZ signalled that it had reached the end of its hiking cycle. It added more ‘staying’ weight to that picture by saying that interest rates will need to remain restrictive for the foreseeable future. A hold, for now, is RBNZ’s latest stance. In New Zealand, the RBNZ noted that domestic consumer spending was easing, house prices were at a more sustainable level, and businesses are reporting slowing demand for both goods and services. On top of this, broader Government spending is expected to decline in inflation-adjusted terms and in proportion to GDP. However, the Committee noted that ... (full story)