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Orr Sticks To Script

RBNZ

Nothing to really move the needle in the BBG interview with RBNZ Governor Orr, as he mostly reiterates comments made alongside last week’s monetary policy decision.

  • He flags that the Bank is expecting to deploy at least another couple of rate hikes. General sell-side consensus sees the terminal OCR at 4.00% i.e. 2 more 50bp hikes through year-end, with the Bank’s own OCR track indicating a 40% chance of a move to 4.25% (peaking at 4.10%). Meanwhile, the OIS strip is loosely in line with the RBNZ’s track, currently pricing a peak rate of ~4.15% in May ’23.
  • In terms of the language deployed, Orr reiterated that the Bank is looking for a decline in inflation expectations, while expressing confidence that the Bank can get on top of inflation. He also noted that slower economic growth is a pre-requisite for the Bank to achieve its targets, while he underscored the strong position of the NZ economy.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBulletMarketsFixed Income BulletsForeign Exchange Bullets

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