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MNI RBNZ Review - August 2021: Delayed But Not Derailed

EXECUTIVE SUMMARY

  • The MPC acknowledged the strong rebound in domestic economic activity, with inflation seen temporarily above the target range and employment at or above maximum sustainable level. The Committee's view on the economic outlook was reflected in significantly upgraded projections.
  • The decision was a clear "hawkish hold" as the Reserve Bank admitted that their "least regrets policy stance is to further reduce the level of monetary stimulus". Importantly, the OCR track suggests that Committee members still intend to tighten policy by the year-end.
  • The sole reason for leaving the OCR unchanged on Wednesday was the detection of a Delta variant case in the Auckland community, which resulted in a snap lockdown implemented across the whole country. Developments on the Covid-19 front will provide much interest going forward.

Click here to view the full review: MNI RBNZ Review August 2021.pdf

Central Bank ReviewHomepageRBNZ - ReviewCentral Bank ReportsMarkets
Central Bank ReviewHomepageRBNZ - ReviewCentral Bank ReportsMarkets

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