The Reserve Bank of New Zealand Monetary Policy Statement is due at 0200 GMT on Wednesday 26 May 2021
- RBNZ Governor Orr will conduct his press conference following on at 0300 GMT.
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Comments via ASB:
- we expect all the key policy levers maintained - with the OCR on hold, Large Scale Asset Purchase parameters left untouched and Funding for Lending Programme unchanged.
- substantial upward revisions in many of the Bank's February forecasts will be on the cards
- we suspect its commentary will maintain the dovish line
- As with previous post-COVID statements, the emphasise will be on the RBNZ's willingness to keep support up for as long as is necessary
- We continue to expect the OCR to remain on hold until the latter half of 2022
- We expect the RBNZ to acknowledge the improved clip of recent data
- carry on with its cautious 'wait and see' mantra
- Several downside risks remain, a sustained uptick in inflation far from guaranteed and there is currently a big question mark over the housing outlook