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Upgrade to Premium Orr Says RBNZ Still Thinking About Lingering Inflation Pressures Matthew Brockett Wed, Oct 23, 2024, 1:19 PM 1 min read
(Bloomberg) — The Reserve Bank of New Zealand’s Monetary Policy Committee is still thinking about lingering price pressures, even as it cuts interest rates to reflect a lower inflation outlook, Governor Adrian Orr said.
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“In New Zealand, uncertainties about firms’ price-setting behavior and the persistence of inflation continue to influence the MPC’s thinking,” Orr said in a speech to the Peterson Institute in Washington DC on Wednesday. “However, these uncertainties are now set against a lower central outlook for inflation. Inflation has declined back to within our target band, as have inflation expectations.”
The RBNZ began lowering its Official Cash Rate in August and stepped up its easing with a 50 basis-point reduction this month, taking it to 4.75%. The bank is expected to deliver another 50-point cut at its final policy decision of the year on Nov. 27, with markets pricing some risk of a 75-point move.
Orr remarked in his speech that central banks must “at times act swiftly to avoid perils,” something they have had to do in recent years.
But he said during a question and answer session that after hiking rates aggressively to tame inflation, the RBNZ can take a more measured approach to easing.
“On the way down we can be more incremental, and we have been,” he said. “We’re being more incremental because we’re in calmer waters but also because of that lingering inflation persistence on the domestic side.”
Even as policy is eased, it is still on the restrictive side “and it will remain there over the coming quarters as we get more and more confident that pricing behavior has renormalized,” Orr said.
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