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HiFX Data Update - RBNZ Gov post-OCR press conference
HiFX Data Update - RBNZ Gov post-OCR press conference
The Reserve Bank Governor Graeme Wheeler has just
delivered his post-OCR decision press conference:
His key points mentioned are:
The NZ economy is
growing well
RBNZ has adopted ‘a very neutral bias’
(removed easing bias)
Biggest global risk is
protectionist policies
House price inflation has shown
major slowdown
Increased housing supply is welcome, more
needed
Encouraged by Govt’s response to proposed
‘debt-to-income’ mortgage restrictions
Pleased
short-term inflation expectations are rising
Long term
inflation expectations well anchored
Consumption growth
has been stronger than expected
Wage price growth low due
to sluggish productive growth and expanding labour force
participation
RBNZ would like to have the DTI
(debt-to-income) in the tool kit already, but may not have
utilized it yet.
Market is a bit ahead of itself in
pricing 2017 hike
If house price inflation started to
pick up again, linked to strong migration flows, then the
RBNZ would 'certainly be looking at macroprudential tools'.
The NZD is little changed in response to the press
conference (although the currency did fall sharply on the
release of the OCR decision and related Monetary Policy
Statement).
Current indicative levels are:
NZD-USD 0.7245 / 0.7270
NZD-AUD 0.9490 /
0.9515
NZD-EUR 0.6775 / 0.6800
NZD-GBP
0.5775 / 0.5800
NZD-JPY 81.15 /
81.40
ends
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