RBNZ Governor Orr says the higher OCR track is not forward guidance

RBNZ Governor Orr’s press conference following the Bank’s policy statement earlier.

  • rise in OCR track is not forward guidance, not a strong signal out the Bank’s next move
  • wary about too much on rates
  • is encouraged to see inflation fall
  • inflation is still too high
  • the risk in the next few months is that activity could be stronger than expected
  • ready to work through noisy data in the near term
  • there was not much talk of a rate cut, it was easy to reach consensus on the on hold decision
  • we are very comfortable with where the cash rate is
  • still on a path to a soft landing

This article was written by Eamonn Sheridan at www.forexlive.com. Source