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:

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.
The Reserve Bank of New Zealand monetary policy meeting is July 14.