RBNZ statement – how it differs from June

Link to Bernard Hickey writing for Interest.co.nz with a paragraph-by-paragraph breakdown of the RBNZ statement:

RBNZ holds OCR at 2.5% as expected; says will need to remove stimulus in future, but expects to hold OCR through the end of 2013

Of most note is this:

“The removal of monetary stimulus will likely be needed in the future” … this is tilting towards the hawkish. Its not a big change, but in the nuanced world of central bank communication, this is significant.