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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

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