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Live-streamed video from the August 2020 RBNZ Monetary Policy Statement press conference with Governor Adrian Orr

Live-streamed video from the August 2020 RBNZ Monetary Policy Statement press conference with Governor Adrian Orr

This news conference will start at about 3:00pm.

Our report on what this August 2020 Monetary Policy Statement means is here and will be updated as necessary following this news conference.

The RBNZ media release is here.

Today's full Monetary Policy Statement is 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.

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.

20 Comments

Best have a ‘lockdown’ to distract the plebs.. so that the real news of the complete debasing of the NZ dollar by RBNZ QE Will be overlooked. Nothing like a crisis to mask our unstable household debt levels. Wonder if the MSM will report that on the TV tonight or will we still be encouraged to worry and fear a lockdown because of one household that may have visited Rotorua. Time for proper journalism again NZ.

"our unstable household debt levels"
Nailed it in one.

Keen to understand how you can have a properly functioning bond market when the RBNZ is gobbling up 60% of it. If the bank is actively interfering in the bond market to bring yields down (at any scale, let alone more than half), it isn't a properly functioning market is it?

So... does this mean rates will be going lower? When will the banks start charging me to have a TD with them?

Swap's are collapsing - pricing in negative yields as we speak.

Hrm. Don't like reading that...

More than Swaps are going to collapse here.
NOTHING is going to be exempt from what's been coming for some time.

Anyone who borrows anything at whatever interest rate is available needs their head read.
Whatever it is they buy/build/accumulate is going to deteriorate in price.
Borrowing at minus 5% makes no sense if the asset underlying the transaction falls by 30%.

Name something collapsing in price

Real Wages?
Which goes with the re-post above "our unstable household debt levels"

Real wages collapse with inflation, you just stated asset prices were going to collapse which suggest deflation

Real Wages can collapse with Deflation as you well know ( nominal fall faster than deflating asset prices; that's coming as Unemployment escalates and people out-bid each other to attempt labour utilisation. What is the Real Wage of the Unemployed?). And yes, my suggestion is that the collapse I note will be Deflationary. Very....

There is more chance of NZ topping the next Olympic gold medal table than deflation.

Adrian Orr is the Governor of the Reverse Bank of New Zealand

Who's been watching all of that lot and thinks these guys know what they are doing?!
They have no idea! And the frightening thing is - THEY think they do.

They know exactly what they are doing - it just has very little to do with what they are talking about on the screen.

Time to get Martin North and Joe WIlkes from DFA in to advise the RBNZ?

Wow, a desperate measure to hold the ship together! Orr and his team don't come across very confident.
They look exceptionally uneasy in my opinion.

Ashamed and petrified rolled into one.

ha ha ha ha - yes we are confirming we will lend to the banking institutions at ever lesser rates - but please joe public, dont go asking your bank for a reduction.

Michael Reddell's Expectations re the MPS here. T'will be Interesting to see his reaction to the real thing, given that he's no fan of the Orracle.

Days to the General Election: 24
See Party Policies here. Party Lists here.