RBNZ’s Orr: Today was first time monetary policy committee went to vote for a decision
|Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr is speaking at the press conference that follows the May monetary policy decision this Wednesday. The central bank delivered a dovish 25 basis points (bps) Official Cash Rate (OCR) rate hike and squashed the Kiwi Dollar.
Key quotes
Today was first time monetary policy committee went to vote for a decision.
Outlook for fiscal spending contractionary on demand.
Latest data is satisfactory.
Its been a long battle.
We want to see deposit rates rise further.
The labour market is becoming less pressured.
Foreshadowing keeping a restrictive monetary policy for some time.
Projection is surge in immigration eases off.
House prices now much closer to their sustainable levels.
We are getting on top of inflation.
Interest-sensitive sectors of the economy are yielding.
Market reaction
NZD/USD remains heavy below 0.6200 on Orr’s comment. The pair is trading at 0.6176, down 1.14% on the day.
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