Preview of the RBNZ monetary policy decision due today, on hold expected

The Reserve Bank of New Zealand statement is due at 0200 GMT, which is 2200 US Eastern time. I posted previews earlier:

This brief one is via Westpac:

  • The Reserve Bank is widely expected to leave the OCR at 5.50% at
    its April policy review.
  • There has been limited information on the economy since the
    February Monetary Policy Statement.
  • GDP growth was slightly
    weaker than expected, but the impact is marginal compared to
    past forecast misses.
  • Meanwhile, the inflation outlook still looks
    challenging in the near term, with the March quarter CPI likely to
    come in higher than the RBNZ’s forecast.
  • We think the RBNZ will remain comfortable with the forward
    outlook that it communicated in February. Market pricing for an
    OCR easing as early as August is unlikely to find support

Note that there is no media conference or supplementary published report for the Monetary Policy Review today.

This article was written by Eamonn Sheridan at Source