This news conference will start at about 10:00 am.
Our report on what this November 2016 Monetary Policy Statement means is here and will be updated as necessary following this news conference.
The RBNZ MPS 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.
3 Comments
Paraphrased quotes of note:
"Even if DTI ok'd they wouldnt apply them at present" ... watching auckland to see if slow down is permanent..
"Plan to keep rates low for a very long time"
"20% chance of further cuts"
"40% lvr at this stage we feel we have got it right I.e don't plan to increase further (in context of risks of investor defaults based largely on ireland data)"
"Neutral cash rate has been moving down over time... increase in savings profile.. global shift... everyone's neutral rate around world going down.. rbnz neutral rate around the 4% mark" (cf 7% plus in 2000 cycle!, ocr actually got to 8% near end on 2000 cycle, twice the new neutral level)
"Probably don't need fiscal stimulus at this point... housing market.. issues around auckland housing supply, regulations, land opened up etc, could be wise to spend on this area.. but no need at this stage given where economy is for fiscal stimulous"
Cnbc just announced "rbnz surprise cut in the wake of shock usa election result' !! The media make me laugh.
A. Was NOT a surprise cut.
B. Decision and even statement was completely UNCHANGED in light of the surprise election result.
But hey that doesn't get people tuning in.
Lucky I'm here to give readers an independent (I don't care how many views interest.Co.nz get!) summary of things..
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