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RBNZ
RBNZ: The NZIER notes that "there remains a wide range of views amongst the
Shadow Board on whether more monetary policy stimulus is required, and in what
form. Overall, the consensus amongst the Shadow Board is that more stimulus
would be required over the next twelve months, with the majority favouring an
expansion of the Reserve Bank's quantitative easing programme. There was little
support amongst the Shadow Board for the OCR going into negative territory at
the upcoming meeting, although some members thought such a move would be
required over the coming year. Members noted a negative OCR was unlikely to be
effective in stimulating the economy, while highlighting the risks which include
encouraging people to save more in order to achieve their savings goals (thus
reducing spending) and reducing business confidence. When it comes to the
quantitative easing programme, most Shadow Board members felt an expansion of
the programme was appropriate. Some members also advocated the Reserve Bank
expand bond purchases to include council and Housing NZ debt. Increasing its
asset purchase programme was generally seen as a more effective way for the
Reserve Bank to support the Government in stimulating the economy."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com