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The Reserve Bank declares victory on inflation and delivers double whammy rate cut
Policymakers at the Reserve Bank of New Zealand have slashed half a percentage point from the official cash rate and claimed victory in achieving its inflation mandate. The seven person Monetary Policy Committee chose to cut the benchmark interest rate from 5.25% to 4.75% after meeting on Wednesday. In a statement, they said annual inflation was now within the target range and was "converging on the 2% midpoint". "The New Zealand economy is now in a position of excess capacity, encouraging price- and wage-setting to adjust to a low-inflation economy. Lower import prices have assisted the disinflation," ... (full story)
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- Posted: Oct 8, 2024 10:05pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 5,521
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