Reserve Bank of New Zealand Governor Orr's press conference
- Today's decision does not rule out any future action
- nothing is ruled out for the future
- lower monetary policy operating at a lower neutral interest rate
- lowering the interest rate is completely sensible at this time
- nervous abut fiscal spending, can't happen quickly enough due to capcatiy constraints
- committee convinced that more sooner is better to reach targets
Background to this is the big surprise of a 50bp rate cut:
- RBNZ cut the New Zealand cash rate by 50bps, bigger than expected
- RBNZ cuts the cash rate by a whopping half a percent - NZD down a big figure
More:
