This news conference will start at about 3pm.
Our report on what this May 2023 Monetary Policy Statement means is here and will be updated as necessary following this news conference.
The RBNZ announcement is here.
Today's full Monetary Policy Statement is here. There are summaries here and here.
When the live news conference is finished we will place a video recording of it on this page as soon as it becomes available.
From the MPS. This is interesting as it shows that the RBNZ is going to be quite bearish about OCR rise's in the future. As the choice was between no rise or a .25% rise. A .5% rise wasn't on the table.
"The case for keeping the OCR
at 5.25% with the same forward
projections rested on the
recognition that monetary policy
is having a sufficiently moderating
effect on demand and inflation,
and that we are yet to see the
full effects of past tightening on
the economy. A pause would
also allow more time to assess
the impact of the significant
tightening, and the timing of any
further increase that might be
needed.
On Wednesday 24 May, the
Committee took the decision to
vote on the two options. By a
majority of five votes to two, the
Committee agreed to increase
the OCR by 25 basis points from
5.25% to 5.50%.
Green shoots!
It is not always about the rate, it is about certainty for many. Be interesting to see where things go from here.
Here's a starting point.
NZ$/Gold (since announcement) NZ$3,200.18 +NZ$54.37 +1.73%
Now. About that Imported Inflation figure....
We welcome your comments below. If you are not already registered, please register to comment
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.