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RBNZ Mirrors RBA, Maintains Easing Bias
It seems Australia and NZ central banks are lockstep on monetary policy after the latest statement from across the Tasman. The Reserve Bank of NZ has left its key cash rate steady at a record low of 1.5%, but again warned that it might need to be cut further because of “the downside risks around the employment and inflation outlook.” “Given the weaker global economic outlook and the risk of ongoing subdued domestic growth, a lower OCR may be needed over time to continue to meet our objectives, the bank said after a policy meeting on Wednesday. “Domestic growth has slowed over the past year. While construction ... (full story)