NZ Balance of payments and international investment position: March 2024 quarter

post: RBNZ CHIEF ECONOMIST CONWAY: INFLATION MAY BE MORE STICKY NEAR TERM post: CONWAY OF RBNZ: CHALLENGES REMAIN IN LOWERING INFLATION post: RBNZ CONWAY: RESTRICTIVE POLICY PERIOD NECESSARY

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The Bank had been conducting market operations in accordance with the guideline for market operations decided at the previous meeting on March 18 and 19, 2024. The uncollateralized overnight call rate had been in the range of 0.074 to 0.077 percent. Meanwhile, regarding purchases of Japanese government bonds (JGBs), CP, and corporate bonds, the Bank conducted the purchases in accordance with the decisions made at the March 2024 meeting. B. Recent Developments in Financial Markets In the money market, interest rates on both overnight and term instruments had been at low levels. With regard to interest rates on overnight instruments, the uncollateralized call rate had been in the range of around 0.075 to 0.080 percent due to the termination of the negative interest rate policy; general collateral (GC) repo rates had turned positive, being at a level below 0.1 percent. As for interest rates on term instruments, yields on three-month treasury discount bills (T-Bills) were more or less unchanged over the intermeeting period. The Tokyo Stock Price Index (TOPIX) had declined somewhat, reflecting a decrease in U.S. stock prices and increased tension over the situation in the Middle East. Long-term post: BOJ MEMBER SUGGESTS HIGHER RATE PATH THAN MARKET EXPECTATIONS post: BOJ MINUTES: ONE MEMBER SAID BOJ COULD RAISE RATES MODERATELY BEFORE IT'S SUFFICIENTLY CONVINCED ABOUT CHANCE OF DURABLY HITTING PRICE GOAL, TO AVOID BEING FORCED TO HIKE RATES RAPIDLY LATER