Comments from Orr in the press conference
- Watch live here
- RBNZ is confident that less monetary stimulus is needed
- We're far less concerned about a lockdown than we would have been at this time last year
- We see the country very capable of keeping economic momentum
- Our clear direction is to be reducing monetary stimulus
- In a sense, this hasn't shifted us at all from our broad path
- Our concern is around supply capacity for the medium term
- We're going to have rolling periods of covid disruption and we have to be able to manage those periods
- We've very adamant that house prices are above a sustainable level. Notes coming supply coming on is the highest since the 1960s.
- Estimates New Zealand is six months ahead of the rest of the world on the reopening
- There was 'a very strong' consensus about keep rates on hold. We didn't have to go to a vote
- Neutral OCR is 2.00%
I don't get a chance to listen to Orr live very often but the man certainly has a way of speaking with confidence and instilling it anyone who is listening. FX traders certainly like what they're hearing:
As I wrote earlier:
If the kiwi doesn't sustain a break below 0.6900 on a surprise rate decision, 5 new covid cases and the top health official saying they expect 50-100 cases, then what could possibly sink this pair?