RBNZ monetary policy decision for July 2019 due this week - Shadow Board recommends on hold

Author: Eamonn Sheridan | Category: Central Banks

The New Zealand Institute of Economic Research (NZIER) gather recommendations from analysts in NZ that make up the 'Shadow Board'.

Note, the Board does not issue a prediction, its a recommendation:
  • to indicate what they believe is the most appropriate Official Cash Rate setting for the economy
  • Participants show where they think interest rates should be, not what they believe will happen
In brief:
  • there was a stronger easing bias amongst the NZIER Shadow Board, relative to June
  • The majority of the NZIER Shadow Board still believes it is appropriate to leave the OCR on hold at this meeting
The New Zealand Institute of Economic Research (NZIER) gather recommendations from analysts in NZ that make up the 'Shadow Board'.
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As a heads up, the RBNZ announcement is due on Wednesday August 7 at 0200GMT
  • The consensus expectation is for a 25bp rate cut


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