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FULL RBNZ SPEECH: OCR unchanged at 2.5%The Reserve Bank today left the Official Cash Rate (OCR) unchanged at 2.5%.Thursday, January 28th 2010, 9:01AMReserve Bank Governor Alan Bollard said: "The outlook for the New Zealand economy remains consistent with the projections underlying the December Monetary Policy Statement. "Global activity continues to recover, helping push New Zealand's export commodity prices higher. Economic growth is most apparent in China, Australia, and emerging Asia. However, sustained growth throughout our trading partners is not assured, with many still facing impaired financial sectors and overall activity still reliant on policy support. "Similarly, the New Zealand economy continues to recover. Policy stimulus and improving export earnings have seen a pickup in household spending. That said, households remain cautious, with credit growth subdued. Business spending remains weak. "Annual CPI inflation is currently at the centre of the target band, and is expected to track comfortably within the band over the medium term. "The economy is being assisted by both monetary and fiscal policy support. As growth becomes self sustaining, fiscal consolidation would help reduce the work that monetary policy might otherwise need to do. "If the economy continues to recover in line with our December projections, we would expect to begin removing policy stimulus around the middle of 2010." Comments from our readersNo comments yet Add your comment: |
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Future interest rate hikes softened
The Reserve Bank has kept the OCR at 2.50% as expected, but had lowered its forecast track for the 90 day bill rate by around 60 basis points (0.6%) to a peak of 4.30% by the end of next year. For borrowers that means floating home loans are not forecast to rise as much as previously forecast. In June the expectation was that the rates would rise 2% in the next 12 months: that figure has now been wound back to 1.4%. MORE » |
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