RBNZ's Conway says a bit 'nerve wracking' with inflation at the top of its target band

RBNZ’s Conway speaking with Bloomberg TV:

• The 50bps rate cut was a very finely balanced decision
• Bit nerve wracking with inflation at the top of the band
• Excess capacity gives us confidence inflation will come down
• NZIER survey solidified our thinking about policy
• Open to further cuts in the cash rate as required
• Let's see how the data plays out in the weeks and months ahead

Conway has been busy today!

RBNZ’s Conway: No new monetary policy tools planned, OCR remains main policy instrument

• RBNZ's Conway doesn't expect to use additional monetary policy tools again any time soon

• Reserve Bank of New Zealand's Conway says will close the gap between Dec, Feb meetings
• RBNZ’s Conway: Rates of 2.5% at lower end of neutral range, but we are feeling our way