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RBNZ Governor Hawkesby said the reaction to recent interest rate cuts has so far been slower than anticipated.
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He added that global uncertainties have had a prolonged impact on business and consumer confidence in New Zealand.
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RBNZ Assistant Governor Silk said it is not good for anybody that tariffs exist.
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RBNZ Chief Economist Conway said New Zealand house prices are expected to stay flat, at least for the next year.
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Hawkesby said the argument for a 50bp cut was that businesses and consumers were being overly cautious and needed a substantial kick.
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RBNZ Governor Hawkesby said increased tariffs and trade barriers effectively represent a negative demand shock for the world.
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RBNZ Governor Hawkesby said inflation is under control now.
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He added that the economy is at the tail end of the inflation process.
Just as a quick reference, here is the link to his press conference following the RBNZ decision. Also, for more context on what happened yesterday make sure to check out the statement and minutes summary as well as a quick rundown of the biggest changes they made in the Monetary Policy report.
This article was written by Arno V Venter at investinglive.com.