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MNI RBNZ Review: Edging Towards Negative OCR

RBNZ

MNI Point of View:

  • The Reserve Bank of New Zealand (RBNZ) showed its dovish face yesterday, as the Monetary Policy Committee left the Official Cash Rate unchanged at 0.25%, but boosted the size of the Large Scale Asset Purchase Program to NZD100bn, extending its duration by over a year, to June 2022. The upgrades to outdated economic projections from May MPS came as no surprise, but Governor Orr noted that risks to the outlook remain skewed to the downside. The RBNZ's rhetoric surrounding unconventional monetary policy options fitted well into the dovish tone of the announcement, as policymakers appeared to lean further towards deploying negative interest rates in the future.
  • For the full document click here: https://emedia.marketnews.com/marketnewsintl/MNI_RBNZ_Review_August_2020.pdf
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