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