RBNZ announce no change to the cash rate, as expected




Reserve bank of New Zealand monetary policy meeting of the decision of the first with the Acting Governor Grant Spencer (Graeme Wheeler has retired)

  • OCR left at 1.75%, as expected

BRB on all the changes in the notes of the Bank, in particular around the rate of inflation, growth prospects etc, And the NZD , if applicable.
Here, we will … (abstract titles via Reuters)

  • The monetary policy will remain accommodative for a considerable period of time
  • Many uncertainties remain, and policy may be necessary to adjust accordingly
  • Longer-term inflation expectations remain well-anchored around 2 percent
  • Expects future inflation to reach the mid-point of the target range in the medium term
  • House price growth was still moderate, this moderation is expected to continue
  • There remains a risk of resurgence in real estate prices
  • RBNZ says lower NZD would help the economy
  • Said the NZ TWI has fallen slightly since the month of August
  • The global growth continue to improve
  • Q2 GDP growth has been in line with expectations
  • The growth to maintain the current pace going forward
  • House price inflation continues to moderate
  • Domestic growth is expected to keep its current pace going forward

The real quick on this is there is no change to the cash rate and hardly any change in the comments on the prospects of politics or the economy of the Bank. They want a lower NZD — they almost always say this too.
The full text of the Statement of the Acting Governor of the Reserve Bank Grant Spencer is here-there is no Monetary Policy Statement, or press conference with the decision today — 9 November for these
—NZD is a few points less in the wake of the announcement. It is being weighed by the expectation of the outcome of the election. This could still take a few more weeks. (I updated yesterday)



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