RBNZ announce no change to cash rate, as expected

Reserve Bank of New Zealand  monetary policy meeting decision — the first with Acting Governor Grant Spencer (Graeme Wheeler has retired)

  • OCR left at 1.75%, as expected

BRB on any changes in remarks from the Bank, especially around inflation, growth outlooks etc. And the NZD , if any.
Here we go … (quick summary headlines via Reuters)

  • Monetary policy will remain accommodative for a considerable period
  • Numerous uncertainties remain and policy may need to adjust accordingly
  • Longer-term inflation expectations remain well-anchored at around 2 percent
  • Expects future headline inflation to reach the midpoint of the target band over medium term
  • House price growth has moderated further, this moderation is expected to continue
  • There remains a risk of resurgence in house prices
  • RBNZ says lower NZD would help the economy
  • Says NZ TWI has eased slightly since August
  • Global growth continue to improve
  • Q2 GDP grew in-line with expectations
  • Growth to maintain current pace going forward
  • House price inflation continues to moderate
  • Domestic growth is projected to maintain its current pace going forward

The real quick take on this is there is no change to the cash rate and barely any change in commentary on the outlook for policy nor the economy from the Bank either. They want a lower NZD — they pretty much always say this too.
The full text of the Statement by Reserve Bank Acting Governor Grant Spencer is here—There is no Monetary Policy Statement nor press conference with today’s decision — November 9 the next for these
—NZD is a few points lower in the wake of the announcement. Its being weighed on by the wait for the election outcome. This could still take a few more weeks. (I updated here yesterday)

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