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MNI RBNZ Review - July 2022: On Autopilot Ahead Of Next MPS

EXECUTIVE SUMMARY

  • The RBNZ raised the OCR by half a percentage point as it looks to tighten monetary conditions "briskly" to bring consumer inflation and inflation expectations under control. The move was expected by virtually all sell-side analysts and was fully priced by the OIS strip, causing little perturbations in New Zealand financial markets.
  • The statement conveyed a marginally deeper sense of concern with downside risks to the growth outlook and flagged discussions around the reaction of households and businesses to tightening monetary conditions. Other than that, the language broadly echoed the May Monetary Policy Statement.
  • The next monetary policy meeting is in August and by that time we will get the most recent CPI figures, labour force survey and inflation expectations data. It will be an MPS (as opposed to interim) meeting, giving the Committee more space to review its stance if need be.

Click here to view the full review: MNI RBNZ Review July 2022.pdf

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