RBNZ statement is published now - policy to normalise eventually (over the medium term)
From the Reserve Bank of New Zealand Statement of Intent.
Some points I picked out:
- We are pleased to see economic activity in New Zealand returning to its pre-COVID-19 levels, supported by ongoing favourable domestic health outcomes, and improving global demand and higher prices for New Zealand's goods and exports.
- A catch-up in consumer spending and construction activity, supported by substantial monetary and fiscal stimulus is underpinning employment growth.
- However, vulnerabilities still remain and the recovery needs continued monetary and fiscal support.
- As long as COVID-19 is contained and the global and economic recovery is sustained, eventually economic policy settings can be expected to normalise over the medium term.
I thought that last point a bit garbled.
"Eventually ... over the medium term" I guess means .... over the medium term (whatever that is).--
The SoI outlines RBNZ's priorities.
Governor Orr is speaking later, at 0410 GMT.