Analysts at Westpac explained that the Reserve Bank left the Official Cash Rate unchanged at 1.75% in its August Monetary Policy Statement, and the guidance that it provided was very similar to its previous reviews.
"The RBNZ believes that monetary policy will need to remain accommodative for a long time, to support growth and guide inflation towards the target on a sustained basis."
"We agree with that view, and we think that interest rate hikes will be delayed a lot longer than the market expects."
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