NEW ZEALAND: RBNZ DIALS DOWN ITS HAWKISH TONE – UOB GROUP
The Reserve Bank of New Zealand (RBNZ) has decided to leave its official cash rate (OCR) unchanged at 5.50% in Jul for an eighth straight meeting. The RBNZ’s tone was a lot less hawkish than in May, UOB Group economist Lee Sue Ann notes.
RBNZ leaves its official cash rate unchanged
“RBNZ has decided to leave its official cash rate (OCR) unchanged at 5.50% in Jul for an eighth straight meeting. The decision earlier today (10 Jul) was an interim review, and hence there was no Monetary Policy Statement, updated economic forecasts nor press conference by RBNZ Governor Adrian Orr.”
“The RBNZ’s tone was a lot less hawkish than in May, when policymakers discussed the case to raise rates further while signaling that a rate cut was unlikely before 3Q25. Instead, there was no mention of a rate hike today, and the RBNZ highlighted that ‘restrictive monetary policy has significantly reduced consumer price inflation’.”
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