RBNZ’s Orr: Chance of a rate cut has not increased

The Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr is on the wires now, via Reuters, addressing the quarterly post-policy meeting press conference.

Note that the RBNZ left the Official Cash Rate (OCR) on hold at a record low of 1.75% earlier today, but the decision was perceived not so dovish as expected.

Key Comments:

Chance of a rate cut has not increased.        

Risks around rates are balanced.

If growth does not pick up a rate cut may be required.

Outlook balanced "up or down" we are "very comfortable”.

Risks are balanced don't predict "Armageddon" for house prices.

Proposed higher bank capital requirements a relatively small issue in influencing monetary policy.

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