The Reserve Bank of New Zealand monetary policy meeting is July 14.
- The statement will be at 0200 GMT
While this one was not a preview (its a piece reporting on what analysts think the RBZN should do, not what they will do) its an eye-opener nonetheless.
And, BNZ said last week they think the time for a tightening move is ... now:
- In bringing forward its forecast for an RBNZ rate hike in November, BNZ says the time to hike is now
The consensus view (but not everyone's) is a hike in November though (see here for links):
A couple of snippets from around the place ahead of the meeting.
- ASB think the Bank may remove its wording around needing "considerable time and patience" for meeting its targets to lift rates
- UBS is also focused on that line
Scotia:
- expected on hold at 0.25%
- Guidance will further inform expectations for a hiking cycle to begin as early as later this year.
- RBNZ expectations for Thursday's Q2 CPI figures are likely to factor into the guidance. CPI is expected to rise another 0.7% q/q (non-annualized) and lift the year-over-year rate to 2.7%-above the RBNZ's 2% inflation target and pushing toward the upper end of the 1-3% medium-term band.
