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RBNZ Governor Hawkesby said the next two meetings are live, with no decisions yet made.
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He said the OCR projection troughs around 2.5%, consistent with further cuts.
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Whether cuts come faster or slower will depend on the data.
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He noted the bank has never had a 4–2 vote before.
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Hawkesby said there is a range of views around the risks to the outlook.
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RBNZ Governor Hawkesby said he hopes to appoint a new MPC member for the October meeting.
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The RBNZ said its view on neutral has not changed, but the OCR is no longer restrictive.
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Hawkesby said the fiscal outlook shows government spending falling, which helps with inflation.
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He added that Q2 economic activity was considerably weaker than expected.
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The RBNZ said house prices are not rising as expected.
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It noted that if businesses and consumers remain cautious, that might prompt more policy action.
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The bank said the past 250bp of easing will support growth.
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Comfortable with the fall in the NZD
Here is a quick rundown of the statement and the minutes that I posted ealier.
And for those who like to nerd out at the numbers like me, here is a post highlighting the key changes in the May and August policy reports.
This article was written by Arno V Venter at investinglive.com.