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OCR 4.75% – Monetary restraint reduced as inflation converges to target
The Monetary Policy Committee today agreed to cut the Official Cash Rate (OCR) to 4.75 percent. The Committee assesses that annual consumer price inflation is within its 1 to 3 percent inflation target range and converging on the 2 percent midpoint. Economic activity in New Zealand is subdued, in part due to restrictive monetary policy. Business investment and consumer spending have been weak, and employment conditions continue to soften. Low productivity growth is also constraining activity. Some exporters have benefited from improved export prices. However, global economic growth remains below trend. The outlook ... (full story)
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