Markets cheer Yellen appointment; US retail sags; China bond issues worsen; India hits Chinese digital again; Victoria makes huge stimulus bet; UST 10y at 0.89%; oil firmer but gold drops again; NZ$1 = 69.7 USc; TWI-5 = 72.4
Economists expect the RBNZ to respond to government pressure over house prices by restricting bank lending; Financial markets now see lower odds of a negative OCR in 2021
Adrian Orr to consider Grant Robertson's call for the RBNZ to take account of house prices, but says: 'Our monetary policy actions have been, and will continue to be, effective in supporting the economy'
Robertson writes to Orr - proposes requiring Monetary Policy Committee to avoid unnecessary instability in house prices; NZD rises
BNZ says it will reintroduce loan-to-value ratio restrictions on low deposit home loans from December 7 as Reserve Bank moves to formally restore them