Reserve Bank of New Zealand deputy governor Geoff Bascand
- NZ remains vulnerable to external shocks
- lower rate may still be needed to achieve objectives
- sees lower rates being here for some time
- reasonable prospect the cash rate goes lower
highly stimulatory monetary policy stance may lead to over-exuberant levels of credit growth
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The objectives Bascand refers to are of course the dual mandates of the RBNZ, inflation within its target band and maximising employment.
more to come
