RBNZ's Orr: As aggregate demand has slowed it is been harder to pass cost increases on.

The Reserve Bank of New Zealand Rates unchanged, and were more dovish in their comments. RBNZ's Orr is up early and on the wires saying:

• As aggregate demand has slowed, it has been harder to pass cost increases on
• The current level of OCR is restricting demand

The Reserve Bank of New Zealand characterized policy rates as being restrictive and lowered its expectations for OCR rate in 2024 and 2025. That was in conflict with private estimates with some thinking the central bank needed to raise rates 1– 2 more times to lower inflation.