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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessVIEW: ASB continue "to exp. the RBNZ to........>
RBNZ: VIEW: ASB continue "to exp. the RBNZ to remain on hold into H120, though
the risk is a later start given the moderate growth exp. & still-benign wage &
core inflation trends. The RBNZ largely delivered what was exp., trimming its
growth exp. a touch after a strong Q218 outcome & boosting its near-term
inflation exp. The policy assessment's opening wording presents directional
risks to the OCR in a different way, but the message is essentially the same.
The OCR could move either way, depending on developments. The RBNZ remains
mindful of the downside risks to growth presented by weak biz conf. But it is
also wary that inflation pressures may turn out to be stronger than it exp.,
particularly if biz pass on cost pressures to a greater extent than factored in.
The RBNZ's unrevised OCR track suggests that the risks of a near-term OCR cut
have not intensified. The strength of Q3 employment highlighted this also. A cut
remains a non-negligible risk, but material weakness in 'hard' data such as GDP
would be needed to seriously entertain a cut. But we flag that our own growth
outlook is more in line with the RBNZ's downside risk scenario than its central
view, though we also exp. a stronger inflation impact from wage growth."
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.