RBNZ Chief Economist and External MPC Member Yuong Ha, speaking on:

  • Latest Monetary Policy Statement Explained Q&A

I doubt this will add much to what we have already been positing on the statement from last week, but you never know.

(ps. this from yesterday on the currency implications: RBA vs. RBNZ - AUD/NZD being driven by divergent policy.)

  • Reimposition of Auckland lockdown played a part in August policy decision and projections
  • Watching labour market very closely
  • asset purchase programme has been successful so far in lowering retail interest rates
  • not hostage to exchange rate but welcome 'helpful support' from that channel

(what that bolded jumble means is the RBNZ would like a lower nZD)

More:

  • negative rate decision contingent on the health of the economy; if and when the time comes we have those tool available
  • says the earliest we could implement negative rate operationally is early next year
  • says reasonably strong evidence internationally that negative rates help in stimulating credit demand
RBNZ Chief Economist and External MPC Member Yuong Ha, speaking on: