Reserve Bank of New Zealand July meeting minutes – Inflation remains too high

Announcement and summary of statement is here:

From the minutes to the meeting, Headlines via Reuters:

  • Committee agreed that monetary conditions are restricting spending
    and reducing inflationary pressure as anticipated
  • Committee agreed
    that interest rates will need to remain at a restrictive level for
    the foreseeable future
  • Inflation remains
    too high
  • Committee noted that
    monetary conditions have continued to tighten
  • Committee noted
    inflation is still expected to decline within the target band by the
    second half of 2024
  • Monetary policy in
    new zealand reached a more restrictive level earlier than in many
    other economies
  • Recent data suggest
    that tight monetary conditions are constraining domestic spending as
  • Employment remains
    above its maximum sustainable level, however recent indicators
    suggest that labour market conditions are easing
  • Labour shortages
    have started to ease, partly in response to the recent arrival of
    more migrants

NZD/USD coming off a little after its earlier rise:

This article was written by Eamonn Sheridan at Source