RBNZ Governor Hawkesby said the next two meetings are live, with no decisions yet made.
He said the OCR projection troughs around 2.5%, consistent with further cuts.
Whether cuts come faster or slower will depend on the data.
He noted the bank has never had a 4–2 vote before.
Hawkesby said there is a range of views around the risks to the outlook.
RBNZ Governor Hawkesby said he hopes to appoint a new MPC member for the October meeting.
The RBNZ said its view on neutral has not changed, but the OCR is no longer restrictive.
Hawkesby said the fiscal outlook shows government spending falling, which helps with inflation.
He added that Q2 economic activity was considerably weaker than expected.
The RBNZ said house prices are not rising as expected.
It noted that if businesses and consumers remain cautious, that might prompt more policy action.
The bank said the past 250bp of easing will support growth.
Comfortable with the fall in the NZD
Here is a quick rundown of the statement and the minutes that I posted ealier.
And for those who like to nerd out at the numbers like me, here is a post highlighting the key changes in the May and August policy reports.
