Reserve Bank of New Zealand Governor Orr spoke in a TV interview, basically repeating what he has been saying since the meeting yesterday.
In a nutshell:
- to proceed with caution in adjusting interest rates
- price behaviour is in line with low inflation
- removing monetary policy restraint is appropriate for the time being
Earlier today:
Yesterday from the RBNZ and Orr:
- Reserve Bank of New Zealand announce cash rate cut to 5.25%
- NZD/USD marked lower after the Reserve Bank of New Zealand cut its cash rate
- RBNZ cut its cash rate by 25bp, market consensus was for on hold
- Market pricing is for a Reserve Bank of New Zealand rate cut at its next meeting too
- RBNZ Governor Orr: Confident inflation back in its target band
