RBNZ Governor Orr press conference following the policy decision:
Via Westpac:
From Orr:
- Meeting with new PM was highly constructive
- We've been adamant on holding rates through next year
- Projection shows upward bias to rates but it is not a done deal
- Risk to inflation is still more to upside
- We did discuss raising rates at this meeting
- Had a robust discussion about rates
- Nervous that inflation has been outside the band for so long
- concerned that longer-term inflation expectations are creeping up
Bolding is mine.
