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HiFX Data Update - RBNZ Governor speech

HiFX Data Update - RBNZ Governor speech titled “Low inflation and its implications for monetary policy” - NZD higher

The Reserve Bank Interim Governor Grant Spencer has just delivered a speech titled “Low inflation and its implications for monetary policy.”

His key points mentioned are:

Persistently low inflation has prompted the RBNZ to think about whether to tweak it’s approach to monetary policy It may be appropriate for monetary policy to put relatively move weight on output, employment and financial stability relative to inflation With long-term inflation expectations anchored at 2%.

There remains broad confidence in the effectiveness of the current framework Should be cautious about making recommendations for change in current framework More recently we have been assuming greater persistence in low global inflation and this is contributing to our current flat track for future OCR levels Has assumed weak global inflation will persist in November policy statement, this now puts some risk on the upside for inflation and interest rates.

The NZD moved higher in response to the release of Grant Spencer’s speech.


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