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Monetary Policy Statement, 28 February 2024
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The death of British banking tycoon Jacob Rothschild could trigger a “Succession”-style battle between his heirs for his vast real estate and investment empire. Lord Rothschild, ...
The Monetary Policy Committee today agreed to hold the Official Cash Rate (OCR) at 5.50%. Over the past year or so, the New Zealand economy has evolved broadly as anticipated by the Committee. Core inflation and most measures of inflation expectations have declined, and the risks to the inflation outlook have become more balanced. However, headline inflation remains above the 1 to 3 percent target band, limiting the Committee’s ability to tolerate upside inflation surprises. Restrictive monetary policy and lower global growth have contributed to aggregate demand slowing to better match the supply capacity of the New Zealand economy. With high immigration and weaker demand growth, capacity constraints in the New Zealand labour market have eased. However, recent high population growth is supporting aggregate spending, as evident in upward pressure on dwelling rents, for example. Internationally, global economic growth remains below trend and is expected to slow further during 2024. This subdued environment will support a further moderation in New Zealand’s import price inflation. The outlook for the China economy remains particularly weak relative to recent historical norms, with structural factors constraining longterm growth. A more general risk to global growth is that central banks may need to kee post: RBNZ CONFIDENT CURRENT OCR LEVEL RESTRICTING DEMAND post: RBNZ LIMITS ABILITY TO TOLERATE UPSIDE INFLATION SURPRISES AS HEADLINE INFLATION EXCEEDS TARGET BAND post: RBNZ: OCR TO REMAIN RESTRICTIVE FOR EXTENDED PERIOD TO ENSURE DESIRED OUTCOME post: RBNZ MINUTES: RECENT DROPS IN CORE INFLATION AND BUSINESS INFLATION EXPECTATIONS ARE ENCOURAGING, BUT THEY REMAIN ABOVE THE 2 PERCENT MID-POINT OF THE COMMITTEE’S TARGET BAND.
Over the past year or so, the New Zealand economy has evolved broadly as anticipated by the Committee. Core inflation and most measures of inflation expectations have declined, ...
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post: RBNZ’s Orr: New Zealand Economy Has Evolved ‘Broadly’ As Expected - C.Banks May Have To Hold Rates Higher Than Markets Expect - Discussed Rate Hike, But Strong Consensus That Rates Were Sufficient
The Russell 2000 rose 1.3% and Bitcoin surpassed $57,000, driven by increased risk appetite. Snowflake and Salesforce are set to report, with the potential for an upside surprise ...
Labor's decision to change tax cuts for workers wasn't an "easy decision", the prime minister says, after the reforms passed parliament just days ahead of a federal by-election. ...
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- Posted: Feb 27, 2024 9:00pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 2,314
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