These via Westpac on the Reserve Bank of New Zealand monetary policy announcements earlier
These are from two different parts of Westpac.
WPAC's chief economist for NZ
- For now, the RBNZ has opened the door the tiniest crack in the direction of earlier OCR hikes than previously advertised
- But in our view, over the course of 2018 the RBNZ will be disappointed by the state of economic growth and will become more dovish
And this via Senior Market Strategist:
- The policy guidance paragraph was a repeat of September's, but the OCR forecast was tweaked slightly in a hawkish direction
- The NZD exchange rate narrative was softened further (it was softened in September)
- Overall, we'd characterise this as the barest of shifts in stance, but certainly more hawkish than market expectations
(bolding is mine)
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Earlier posts:
- RBNZ responses: "NZD assumed to stay down"
- RBNZ responses coming in ... "no longer talking down the currency"
- More from RBNZ's Spencer - says NZD is in vicinity of fair value
- NZD adding a bit as the RBNZ press conference continues
- RBNZ's Spencer says economic outlook is very positive
- RBNZ holds rates at 1.75%, as expected
- Full statement from the RBNZ November 2017 policy meeting
