RBNZ Governor Breman says agreed tighter policy will likely be required, conditional on the economy, adds committee discussed decline in NZD, which if sustained could add to imported inflation
ORIGINAL · NewsquawkRBNZ Governor Breman says agreed tighter policy will likely be required, conditional on the economy, adds committee discussed decline in NZD, which if sustained could add to imported inflationRead originalHide original
Says: Further tightening might be needed, even into restrictive territory. It's likely we will do further rate increases at the coming meetings. Conditions to bring inflation back to the target are still favorable. Wage growth is below levels consistent with inflation at the target. Partial inflation data will be important in the coming weeks, along with labour data. Discussed whether OCR path will need to be lifted. Likely OCR is to rise higher than the previous path.
Breman indicated further tightening was likely but economy-dependent; the OCR was held at 2.75%, while officials cited inflation conditions, upcoming data and potential exchange-rate effects.
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Says: Further tightening might be needed, even into restrictive territory. It's likely we will do further rate increases at the coming meetings. Conditions to bring inflation back to the target are still favorable. Wage growth is below levels consistent with inflation at the target. Partial inflation data will be important in the coming weeks, along with labour data. Discussed whether OCR path will need to be lifted. Likely OCR is to rise higher than the previous path.
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