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OCR 5.50% - Official Cash Rate to remain restrictive
Restrictive monetary policy has reduced capacity pressures in the New Zealand economy and lowered consumer price inflation. Annual consumer price inflation is expected to return to within the Committee’s 1 to 3 percent target range by the end of 2024. The welcome decline in inflation in part reflects lower inflation for goods and services imported into New Zealand. Globally, consumer price inflation has declined from 30-year highs in many advanced economies. However, services inflation is receding slowly, and expected policy interest rate cuts continue to be delayed. In New Zealand, pressures in the labour market ... (full story)
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The Monetary Policy Committee today agreed to keep the Official Cash Rate at 5.50 percent
Restrictive monetary policy has reduced capacity pressures in the New Zealand economy and lowered consumer price inflation. Annual consumer price inflation is expected to return to within the Committee’s 1 to 3 percent target range by the end of 2024. The welcome decline in inflation in part reflects lower inflation for goods and services imported into New Zealand. Globally, consumer price inflation has declined from 30-year highs in many advanced economies. However, services inflation is receding slowly, and expected policy interest rate cuts continue to be delayed. In New Zealand, pressures in the labour market ... (full story)
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Reserve Bank of New Zealand leaves cash rate on hold at 5.5%, as widely expected
The Bank sees the cash rate ahead at: • 5.61% in September 2024 (prior 5.6%). • 5.54% in June 2025 (prior 5.33%). • 5.4% in September 2025 (prior 5.15%). • 2.99% in June 2027. That 5.4% in September 2025 is a full 25bp higher than its previous forecast. Forecasts inflation at 2.6% y/y by June 2025. Statement: • Monetary policy needs to be restricted. • Restrictive monetary policy has reduced capacity pressures in the New Zealand economy and lowered consumer price inflation. • Annual consumer price inflation is expected to return to within the committee's 1 to 3 percent target range by the end of 2024. ... (full story)
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