RBNZ monetary policy meeting this week - 'shadow board' edging less dovish
This is not quite a preview of the RBNZ meeting on September 25.
The New Zealand Institute of Economic Research (NZIER) Monetary Policy Shadow Board is independent of the Reserve Bank of New Zealand
- Participants show where they think interest rates should be, not what they believe will happen.
The Shadows are becoming more divergent in their views
(views from before the release of June quarter GDP)
- A deterioration in the global growth outlook appears to be their main concern, with the extensive easing by other central banks a primary influence given the effects on the exchange rate. However, many Shadow Board members were sceptical about whether a further lowering of interest rates would boost activity and headline inflation. Some highlighted the financial stability risks with having monetary policy set too low, particularly with the effects on asset price inflation."
Plenty more here at the link - NZD traders please check it out.