This was the Reserve Bank of New Zeeland rate decision from June 21 and wanted to get posted before todays rate decision in approximately a hour from now as reference although I have to add a disclaimer past history doesn’t predict future performance but shows the whipsaw action that ensued but also need to wait for forward guidance. It is estimated/forecast no change 1.75%.
“The Reserve Bank uses monetary policy to maintain price stability as defined in the Policy Targets Agreement (PTA). The current PTA requires the Bank to keep inflation between 1 and 3 percent on average over the medium term, with a focus on keeping future average inflation near the 2 percent target midpoint. The Bank implements monetary policy by setting the Official Cash Rate (OCR), which is reviewed eight times a year.”