Press conference ...
Here is the link to the press conference
Highlights from the press conference.
- We can keep the OCRat the current level for a considerable period of time
- The risks are balanced
- The decison was unanimous
- The direction is equally balanced up or down and remain at 1.7%% for some considerable time
- economic growth and employment remain robust
- spending and invested is expected to contribute to economic growth
- CPI should gradually rise toward 2% midpoint of the targeted range
- Keeping the rate at 1.75% is the best we can do to maintain maximum employment and move inflation toward the 2% inflation target
- suppressed wage inflation is perplexing
- risks for rate cut our international growth faltering, or international financial conditions tightening
- Inflation is a concern and that why we are keeping monetary policy expansionary
- inflation has surprised on downside for some time
- The challenge is the inflation target is easily measured. The maximum sustainable employment is not easily measured.
- We want to communicate clearly to a wider audience
- Household wealth in house prices is a contributor to economic growth
- Tail off in house prices is a positive thing for financial stability concerns; Has not yet gone far enough
- Telling businesses to look forward with regard to pricing vs always looking backward.
- At what point is wage pressure going to raise its head and how can the businesses pass that on to the consumer
- Population growth has been a significant impact to the economy
- US bond yields one of the key risks at the moment I think good outweighs bad
- Currency broadly in line with terms of trade
- Surprised how low business confidence is
- Big supporter of NZ Dollar traffic system and intervention policy when necessary
- China still a concern for the global economy, given its debt levels
