The Reserve Bank of New Zealand announcement is due Thursday, NZ time (Wednesday GMT)
This from the 'shadow board'
- Recommend the Reserve Bank leaves the Official Cash Rate on hold at 1.75%
- Says a tightening bias is appropriate
Cites:
- "Annual CPI inflation has lifted back within the Reserve Bank's 1-3 percent target band
- Although this lift in headline inflation was largely driven by higher food and fuel prices, there are signs underlying inflation is also rising
- Activity indicators also show continued momentum in the New Zealand economy"
More:
- Heightened geopolitical risks abroad and signs of some easing in housing demand in New Zealand
- Expect the Reserve Bank to keep the OCR on hold until mid-2018 before embarking on a measured tightening cycle
So, that's the summary of the NZIER's Shadow Board thoughts and recommendations. As you can see, the Shadows don't just "preview" the Bank's decision, they provide recommendations on what they think the Bank should do, and not what the believe will happen. So, its not quite a preview. But useful as long as you bear this in mind.
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NZIER's Monetary Policy Shadow Board is not a part of the Reserve Bank of New Zealand
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ps. I posted up some previews from the NZ banks yesterday, and I'll have more to come ahead of the announcement:
- Announcement due Thursday 11 May (local NZ time)
- Announcement due 2100GMT on May 10
- The current official cash rate is 1.75%
- As well as the OCR announcement there will be an accompanying Monetary Policy Statement & media conference
- RBNZ meeting this week - no change is expected - preview 3
- RBNZ meeting this week - no change is expected - preview 2
- RBNZ meeting this week - no change is expected - preview
