Here is how today's RBNZ meeting is different to all others (yes, it really is different this time)

The Reserve Bank of New Zealand decision and monetary policy statement are due at 0200GMT

An hour later, at 0300GMT, Governor Orr gives his news conference

For previews:

• RBNZ monetary policy meeting today - market pricing at odds with analysts on rate cut probability
• Preview of the RBNZ meeting Wednesday 8 May
• RBNZ on Wednesday - what to expect
• NZD traders - RBNZ preview (Reserve Bank of New Zealand monetary policy meeting
• One for the NZD traders - RBNZ preview
• NZD traders - RBNZ meet this week - Shadow Board recommends on hold

OK, so how is this meeting different from all others? For the first time today the decision will be taken by a committee. Up until now monetary policy decisions at the RBNZ have been at the sole discretion of the Governor. Of course, the Gov consulted widely with staff and outsiders, but where the rubber hit the road was with him (its always been a him, so far).

I posted previously on this new arrangement, ICYMI:

• Here are all the new RBNZ monetary policy committee members

Market pricing and analysts forecasts are at odds over the chance of a cut today (see the first link at the top of the list above). The switch to a new procedure is a complication. Will the Bank ease on the first ever meeting of the committee? If there is a clear case to ease the answer is (for me anyway) yes. But if the case is not clear the switch in procedure may allow caution to prevail. Of course, I'm just spit balling. Comments welcome!