RBA SAYS SOME UPSIDE INFLATION RISKS HAVE EASED.

MNI: RBA LEAVES CASH RATE AT 4.35%

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1896 Tues; -1.71% Y/Y

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

EZ/UK T-Bill Calendar: Spain, Belgium Auction on Tuesday

MNI:US OCT WHOLESALE INV 0.2%; SALES -0.1%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MNI RBNZ Review - August 2022: Hawkish Posturing

EXECUTIVE SUMMARY

  • The RBNZ hiked the OCR by 50bp to 3.0% and raised its terminal projected level to 4.1%. The language of the statement signalled continued tightening bias, with the Committee determined to bring inflation under control. While the move in the key policy rate was widely expected, the language of the statement was relatively hawkish.
  • Explaining its decision, the Committee noted that “it remains appropriate to continue to tighten monetary conditions at pace” to meet its Remit, as “core consumer price inflation remains too high and labour resources remain scarce.” Members cited evidence of broad-based domestic pricing pressures from a “range of indicators” and suggested that inflation will take some time to return to the target range despite a weaker outlook for New Zealand’s GDP growth.
  • The Committee mentioned discussions of the neutral level of interest rates, citing the possibility that it might be higher than previously estimated. It said that the Reserve Bank's staff will be undertaking work to revise these estimates.

Click here to see the full review: MNI RBNZ Review August 2022.pdf

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

To read the full story

Close

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.