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RBNZ: VIEW: ANZ note that today's RBNZ Statement "moves the RBNZ firmly back
into neutral territory. With the outlook more assured and risks considered
balanced, the RBNZ is happy to bide its time to see how developments unfold,
with cuts looking much less likely in the short term. That said, the RBNZ
continues to emphasise risks in both directions. Given how far into the future
the projected hikes are, and the economy's unending capacity to surprise, we are
wary of assuming that the next more is up. We remain comfortable with our call
that the OCR is on hold for the foreseeable future. While the near-term picture
is undeniably looking stronger, risks to the RBNZ's strong 2019 growth
projections remain. But we are mindful of risks on both sides of the ledger, and
watching the data flow remains a prudent approach. Although the recent uplift in
growth and inflation has been partly driven by transitory factors (as the RBNZ
acknowledges), the developments will be very welcome and they buy time to sit
relatively comfortably on the fence."