RBNZ 'shadow board' are divided on where cash rate should be, 'increased skew towards a higher OCR'

Author: Eamonn Sheridan | Category: Central Banks

The New Zealand Institute of Economic Research have a set of analysts to make up their' shadow' monetary policy board. 

From the NZIER:
  • Shadow Board is independent of the Reserve Bank of New Zealand
  • participants ... indicate what they believe is the most appropriate Official Cash Rate setting for the economy … where they think interest rates should be, not what they believe will happen
For the upcoming policy announcement from the Reserve Bank of New Zealand:
  • The range of views amongst the NZIER Policy Shadow Board on the appropriate level of the OCR at the Monetary Policy Statement (MPS) release on Wednesday has widened since September. 
  • Shadow Board members, on average, still called for the OCR to be kept on hold
  • but there was an increased skew towards a higher OCR
  • Recent data has been mixed
RBNZ decision due 13 November:
  • OCR announcement
  • Monetary Policy Statement
  • media conference



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