- RBNZ Governor Adrian Orr said early Thursday that the central bank is maintaining a suitably restrictive policy stance and is likely looking at gauging when to enact future rate reductions.
- RBNZ board members decided to cut its Official Cash Rate (OCR) by 25 basis points (bps) from 5.50% to 5.25%. The market participants expected a rates-on-hold decision.
- Board members agreed that policy will need to remain restrictive for some time to ensure that domestic inflationary pressures continue to decline, according to the minutes of the RBNZ interest rate meeting.
- During the press conference, RBNZ’s Orr said that he is confident inflation back in its target band can commence re-normalising rates. Orr further stated that the central bank considered a range of moves; the consensus was for 25 bps.
- The US headline Consumer Price Index (CPI) increased 2.9% YoY in July, compared to a rise of 3% in June, below the market consensus. The Core CPI climbed 3.2% YoY following a rise of 3.3% seen in July, in line with the market forecast.
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