The RBNZ is smiling, nodding at its newly imposed housing remit but their pushback started yesterday

Greg had the Reserve Bank of New Zealand news posted earlier:

• RBNZ now required to consider impact on housing

The RBNZ welcomes the new remit, sort of:

• The Bank welcomes the Minister's request for more information and analysis on debt-to-income ratios and interest-only mortgages, and will respond in due course.

(that's from an RBNZ statement, Governor Orr no less, on the new instructions)

However, the Bank had this to say yesterday:

• initial demand for houses is past its peak

The way to read that is there is not a lot they need to do on housing right now. I suspect the RBNZ will re-examine macroprudential tools and what have you. Keep the minister happy.