Daily Digest Market Movers: New Zealand Dollar remains weak after RBNZ rate decision
- According to the RBNZ Monetary Policy Statement (MPS), the committee assesses that annual consumer price inflation is within its 1 to 3% inflation target range.
- The Committee agreed that it is appropriate to cut the OCR by 50 basis points to achieve and maintain low and stable inflation while seeking to avoid unnecessary instability in output, employment, interest rates, and the exchange rate, noted the RBNZ MPS.
- Federal Reserve (Fed) Vice Chair Philip Jefferson said on Tuesday the US central bank's 50 basis points (bps) interest rate cut in September was aimed at keeping the labor market strong even as inflation continues to ease, per Reuters.
- Atlanta Fed President Raphael Bostic stated on Tuesday that the jobs market is not showing signs of weakness, adding that despite significant progress on inflation, overall price figures have not yet hit target levels.
- New York Fed president John Williams said he strongly supported a rate cut by 50 basis points (bps) last meeting and that the two additional 25 bps reduction this year is a “pretty reasonable representation of a base case,” per Reuters.
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