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Oil Hits Two-Week Low Amid Growing China Woes
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Stronger than expected US Retail Sales data added to rest of the world-driven weakness in US equities at the open and which haven’t recovered since, all the mainboard indices ...
post: RBNZ: OCR To Need To Remain Restrictive For Foreseeable Future - Confident Restrictive Rates Will Return CPI To Target - Economy Evolving Broadly As Anticipated - Still Risk Inflation Doesn't Slow As Much As Expected - Measures Of Core Inflation Remain `Too High' post: RBNZ Forecasts Now Show Small Chance Of Another Rate Hike And Show A Recession Starting In Q3 2023RBNZ Minutes: Committee agreed that the OCR needs to stay at restrictive levels for the foreseeable future The current level of interest rates is constraining spending and hence inflation pressure, as anticipated and required. • Committee agreed that the OCR needs to stay at restrictive levels for the foreseeable future. • New Zealand economy is evolving broadly as anticipated. • Headline inflation and inflation expectations have declined, but measures of core inflation remain too high. • In the near term, there is a risk that activity and inflation measures do not slow as much as expected. • Committee is confident that with interest rates remaining at a restrictive level for some time, consumer price inflation will return to within its target range of 1 to 3% per annum. • Official cash rate at 5.54% in December 2023 (pvs 5.5%). • RBNZ sees official cash rate at 5.57% in September 2024 (pvs 5.43%).Official Cash Rate remains at 5.5%: The Monetary Policy Committee today agreed to maintain the Official Cash Rate (OCR) at 5.50%. The Monetary Policy Committee today agreed to maintain the Official Cash Rate (OCR) at 5.5%. The current level of interest rates is constraining spending and hence inflation pressure, as anticipated and required. The Committee agreed that the OCR needs to stay at restrictive levels for the foreseeable future to ensure annual consumer price inflation returns to the 1 to 3% target range, while supporting maximum sustainable employment. The New Zealand economy is evolving broadly as anticipated. Activity continues to slow in parts of the economy that are more sensitive to interest rates. Labour shortages are easing as overall demand softens and immigration adds to labour resources. Headline inflation and inflation expectations have declined, but measures of core inflation remain too high. Globally, economic growth remains below trend and headline inflation has eased for most of our trading partners. Core inflation remains high in many countries. Weakening global economic growth is putting downward pressure on New Zealand export prices. The imbalance between demand and supply is moderating in the New Zealand economy. However, a prolonged period of subdued spending growth is still required to better match the supply capacity of the economy and reduce inflation pressure.
The official cash rate is expected to remain on hold for some time, but that doesn’t mean that retail interest rates will remain completely static. The Reserve Bank will update ...
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The current level of interest rates is constraining spending and hence inflation pressure, as anticipated and required. The Committee agreed that the OCR needs to stay at restrictive levels for the foreseeable future to ensure annual consumer price inflation returns to the 1 to 3% target range, while supporting maximum sustainable employment. The New Zealand economy is evolving broadly as anticipated. Activity continues to slow in parts of the economy that are more sensitive to interest rates. Labour shortages are easing as overall demand softens and immigration adds to labour resources. Headline inflation and inflation expectations have declined, but measures of core inflation remain too high. Globally, economic growth remains below trend and headline inflation has eased for most of our trading partners. Core inflation remains high in many countries. Weakening global economic growth is putting downward press post: RBNZ Gov Orr: Raising OCR Track Is Not Forward Guidance - Raised OCR Track Is Not Strong Signal On Next Move post: RBNZ Gov Orr: Wary About Doing Too Much On Rates - Risks In Next Few Months Are Activity Could Be Stronger Than Projected - Not Much Discussion Of A Rate Cut, Steady Consensus Was Easily Formed
Watch the August 2023 Monetary Policy Statement media conference with: Governor Adrian Orr. Assistant Governor Karen Silk. Chief Economist Paul Conway.
The Government of India has increased the windfall tax on petroleum crude from around $50.97 to almost $85.37 from 15 August. On Monday, the government hiked prices because of a ...
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- Posted: Aug 15, 2023 10:55pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 230
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