RBNZ Gov. Hawkesby is on the wires saying:
- We think we are in a position where we can put out an OCR projection, which is broadly unchanged
- We are in a position where we can sort of watch and see how things progress over the course of next year.
- There are a number of labor market indicators that are starting to pick up.
- Our indicators are telling is now that the economy expanded through Q3
- Recovery in economy is happening right now
- over 2nd half of this year, annualized GDP rate is running not short of 3%.
- High degree of confidence that over next few quarters inflation is going to be coming down.
- We actually need to create some inflation through stronger economic activity.
The RBNZ cut rates by 25 basis points and signaled that they expect the OCR to remain at current levels through 2025.
