Responses to the RBNZ announcement coming in

Author: Eamonn Sheridan | Category: Central Banks

The Reserve Bank of New Zealand  policy announcement for 3 November 2019 is here:

And, further:
Comments from Westpac, these in summary from a longer piece:
  • a major surprise  … widely expected a cut
  • easing bias was evident from the final sentence of the press release: "We will add further monetary stimulus if needed.", although it is slightly less dovish than September's press release 
  • easing bias was also evident from the OCR forecast, which retained a trough at  0.9% (albeit earlier, in Q1 2020) implying some chance of a further OCR reduction

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