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RBNZ Governor Orr says its been a long battle, the latest data is satisfactory
RBNZ Governor Orr's press conference following the rate hike earlier. Orr: • Latest data is satisfactory. • Its been a long battle. • Today was the first time the monetary policy committee went to a vote over the decision. • Outlook for fiscal spending is contractionary on demand. • Expects to keep a restrictive monetary policy for some time. • Forecast is that the surge in immigration will ease off. • No longer about labour shortage, its now about demand shortage. RBNZ chief economist Conway: • Labour market is becoming less pressured.
Added at 11:22pm
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RBNZ'S GOVERNOR ORR: WE WANT TO SEE DEPOSIT RATES RISE FURTHER.
— Breaking Market News (@financialjuice) May 24, 2023