-
Preview of RBNZ October 2023 Monetary Policy Review
The August Monetary Policy Statement represented a significant shift in tack for the RBNZ relative to the previous two OCR reviews, with a much more equivocal outlook for interest rates. The August projection for the OCR signalled a 36% chance of a further 25bp hike in the first half of 2024. It also showed a delayed and more gradual easing profile starting in the September quarter of 2024. chart The RBNZ saw two-way risks to the OCR: on the upside the Bank noted still strong and persistent inflation, a strengthening housing market and still resilient labour market; and on the other was significantly weaker ... (full story)