Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
The Reserve Bank of New Zealand’s monetary policy committee held the Official Cash Rate steady at 5.5% for the second consecutive meeting Wednesday, noting the rate was constraining spending and inflation, while the accompanying August Monetary Policy Statement pushed out its forecasts for the elevated OCR
In a statement reminiscent of July’s, (See MNI RBNZ WATCH: Rates Rest At Restrictive Level) the MPC noted the restrictive rates would remain for sometime and “consumer price inflation will return to within its target range of 1 to 3% per annum, while supporting maximum sustainable employment.”
The overnight index swap market failed to react significantly to the announcement, maintaining a slight chance of a further hike by November. The updated MPS showed slight upward forecasts to GDP and household spending from May, alongside the adjusted timeline for OCR cuts (see chart). 
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.