Graeme Wheeler is governor of the Reserve Bank of New Zealand, press conference now:
(ps. I posted the live link, if you wanna hear it straight from the horses mouth)
Headlines crossing wires (these via Reuters)
- Would like to see most of interest rate cut passed on by banks to customers
- Says did not seriously consider 50 bps rate cut
- Says a larger rate cut was not justified
- Has built in 60 basis points of interest rate cuts into its projections
- Not surprised by rise in New Zealand dollar after rate cut
- Says will not comment on intervention in FX market
- Says watching NZD reaction over the next few days
- Would be concerned to see further falls in short term inflation expectations
- Says RBNZ has virtually no influence over tradables inflation
- RBNZ has very limited influence over the exchange rate
more to come
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Earlier: New Zealand - RBNZ: CUT RATES by 25bp
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ALSO:
- ANZ on the wires now, they expect RBNZ will cut twice more, to 1.5%
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MORE:
- RBNZ has projections of cutting rates partly to take pressure off the NZD
- Debt to income ratio tool unlikely to be implemented this year
(note, this "Debt to income ratio" comment is relevant to the house price mkt in NZ)
