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MNI BRIEF: RBNZ's Orr Says Tightening Cycle "Very Mature"

MNI (PERTH)
MNI (Perth)

Reserve Bank of New Zealand Governor Adrian Orr said the Bank's tightening cycle was "very mature" and "well advanced", in remarks ahead of the Oct 5 meeting in which it is expected to raise the Official Cash Rate by 50 bps to 3.50%.

Speaking at a Council of Trade Unions' event, Orr said the Bank's policymakers "still have some work to do" in their fight against inflation.

Next week’s expected hike will be the seventh consecutive increase since last October. Markets are pricing in a terminal rate above 4% next year.

Orr said the New Zealand dollar, which is hovering near its lowest level against the U.S. dollar since 2009, had been the victim of a "capital drain" as higher U.S. interest rates attracted funds. (See NZD: Kiwi Extends Drop On Turbulent Day, One-Month Risk Reversal Tanks).

Robert covers RBA and RBNZ policy and the economy for MNI in Australia.
AustraliaPolicy NewsCentral Bank NewsRBNZAPACBriefStoryRegion
Robert covers RBA and RBNZ policy and the economy for MNI in Australia.
AustraliaPolicy NewsCentral Bank NewsRBNZAPACBriefStoryRegion

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