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JP Morgan On Bollard's Speech

RBNZ Governor's speech: inflation not on the backburner


RBNZ Governor Alan Bollard, in a speech to the Wellington Chamber of Commerce today, reiterated that the Bank remains focused on inflation, despite the Governor having delivered a punchy 150bp official interest rate cut less than one week ago. We believe the RBNZ is not even close to the finish of this easing cycle (we forecast a terminal cash rate 175bp below the prevailing rate), but that officials want the market and industry to know that inflation remains a key policy consideration, even though the economy is in recession.

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