RBNZ keep monetary policy steady, as expected

• LSAP ((large scale asset purchase programme) kept at NZD 100bn
• FLP (funding for lending programme) unchanged 

• committee agreed it must remain prepared to provide additional support if necessary
• RBNZ says operational work to enable the OCR (Official Cash Rate) to be taken negative if required is now completed
• says committee agreed that monetary policy will need to remain stimulatory until inflation is sustained at 2%
• says economic outlook ahead remains highly uncertain

More, these from the minutes to the meeting:

• to maintain monetary stimulus until it is confident that consumer price inflation will be sustained around the 2 percent target midpoint and employment is at or above its maximum sustainable level
• committee expects a prolonged period of time to pass before these conditions are met.
• committee agreed that weekly changes in the lsap do not represent a change in monetary policy
• reduced government bond issuance was placing less upward pressure on New Zealand government bond yields
• committee agreed that it was prepared to lower the OCR to provide additional stimulus if required.
•  risks to the economic outlook are balanced, in large part due to the anticipated prolonged period of monetary stimulus.