The Reserve Bank of New Zealand meet Wednesday 13 May (NZ time).
Very brief preview comments from ANZ:
- we expect OCR unchanged at 0.25%
- we expect QE to be roughly doubled, and there seems to be broad consensus in markets on that. But the risk is that the RBNZ needs to do more, with inflation expectations taking a massive hit last week.
But, also, this via the Reserve Bank of New Zealand 'Shadow Board', an initiative from the New Zealand Institute of Economic Research (NZIER). the Board is a group of NZ economists/analysts (Note - NZIER's Monetary Policy Shadow Board is independent of the Reserve Bank of New Zealand).
In brief:
- On the issue of a negative OCR, the general view was that a negative OCR was not required at the upcoming May meeting,
- There were mixed views over whether the RBNZ should expand its QE programme at the May meeting, but the consensus was that the central bank should expand its programme over the coming year.
