Decision to hold vote on rates was healthy sign, not unusual at turning points
The post Decision to hold vote on rates was healthy sign, not unusual at turning points appeared on BitcoinEthereumNews.com. Reserve Bank of New Zealand’s (RBNZ) acting Governor Christian Hawkesby explains the decision to lower the Official Cash Rate (OCR) by 25 basis points (bps) to 3.25% at a press conference following the May monetary policy meeting on Wednesday. Orr responds to media questions after delivering the prepared remarks. Key quotes Inflation is in the target range. Decision to hold vote on rates was healthy sign, not unusual at turning points. Did form a consensus projection for the cash rate, but high degree of uncertainty. Central projections are wide enough for us to not have a bias either way in terms of what the next step is at the next meeting. Have lowered rates a considerable way, still working way through. Rates are in the neutral zone. Being close to neutral, more about feeling your way on policy now. Key message is that we have come a long way, not pre-programmed on moves now. Developing story, please refresh the page for updates. Market reaction to RBNZ Hawkesby’s presser NZD/USD reverses gains and holds steady on Hawkesby’s comments, trading flat on the day as of writing. RBNZ FAQs The Reserve Bank of New Zealand (RBNZ) is the country’s central bank. Its economic objectives are achieving and maintaining price stability – achieved when inflation, measured by the Consumer Price Index (CPI), falls within the band of between 1% and 3% – and supporting maximum sustainable employment. The Reserve Bank of New Zealand’s (RBNZ) Monetary Policy Committee (MPC) decides the appropriate level of the Official Cash Rate (OCR) according to its objectives. When inflation is above target, the bank will attempt to tame it by raising its key OCR, making it more expensive for households and businesses to borrow money and thus cooling the economy. Higher interest rates are generally positive for the…
The post Decision to hold vote on rates was healthy sign, not unusual at turning points appeared on BitcoinEthereumNews.com.
Reserve Bank of New Zealand’s (RBNZ) acting Governor Christian Hawkesby explains the decision to lower the Official Cash Rate (OCR) by 25 basis points (bps) to 3.25% at a press conference following the May monetary policy meeting on Wednesday. Orr responds to media questions after delivering the prepared remarks. Key quotes Inflation is in the target range. Decision to hold vote on rates was healthy sign, not unusual at turning points. Did form a consensus projection for the cash rate, but high degree of uncertainty. Central projections are wide enough for us to not have a bias either way in terms of what the next step is at the next meeting. Have lowered rates a considerable way, still working way through. Rates are in the neutral zone. Being close to neutral, more about feeling your way on policy now. Key message is that we have come a long way, not pre-programmed on moves now. Developing story, please refresh the page for updates. Market reaction to RBNZ Hawkesby’s presser NZD/USD reverses gains and holds steady on Hawkesby’s comments, trading flat on the day as of writing. RBNZ FAQs The Reserve Bank of New Zealand (RBNZ) is the country’s central bank. Its economic objectives are achieving and maintaining price stability – achieved when inflation, measured by the Consumer Price Index (CPI), falls within the band of between 1% and 3% – and supporting maximum sustainable employment. The Reserve Bank of New Zealand’s (RBNZ) Monetary Policy Committee (MPC) decides the appropriate level of the Official Cash Rate (OCR) according to its objectives. When inflation is above target, the bank will attempt to tame it by raising its key OCR, making it more expensive for households and businesses to borrow money and thus cooling the economy. Higher interest rates are generally positive for the…
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