Reserve Bank of New Zealand Meeting

Meeting Date:

Apr 09, 2024

Rate Decision:

Apr 10, 2024 - 02:00 am

Description

The Reserve Bank of New Zealand (RBNZ) holds monetary policy meetings seven times a year. These meetings include announcements of interest rate decisions and economic assessments that influenced the decisions

Preview Coverage

RBNZ: MNI RBNZ Preview - April 2024: Too Soon To Ease

RBNZ: MNI RBNZ Preview - April 2024: Too Soon To Ease * The RBNZ is firmly on hold and there appears to be a high bar for it to shift rates in either direction for now. When it meets on April 10, we expect it to leave rates again at 5.5% where they have been since May last year. * The April meeting will not include a forecast update or a press conference. We expect the statement to be in line with February's softer tone with a moderate tightening bias retained, as the RBNZ has "limited tolerance to increase the time to the target mid-point" and it has an asymmetric reaction function with the consequences of easing too soon outweighing those of a delay. * Governor Orr said in February that policy needs to remain "restrictive" to return inflation to target but the MPC is now more confident this will occur as expected. However, it is still too soon to discuss rate cuts, which it didn't do at the last meeting, and the OCR path is steady through 2024. If the economy continues to develop as the central bank expects then rate cuts are unlikely until early 2025. * Click here : https://roar-assets-auto.rbl.ms/files/60784/MNI%20RBNZ%20Preview%20April%2020 24.pdffor the full preview.

Apr-09 01:34

MNI RBNZ WATCH: MPC Set To Hold, Maintain Strong Stance

The RBNZ will largely stick to its script, keeping the OCR at 5.5% and reiterating its desire to fight inflation.

Apr-05 07:08

Review Coverage

RBNZ: MNI RBNZ Review - April 2024: On Hold, Awaiting Further Data

RBNZ: MNI RBNZ Review - April 2024: On Hold, Awaiting Further Data * The RBNZ's April monetary policy decision delivered few surprises. The central bank noted: "Overall, members agreed that the balance of risks was little changed since the February Statement." * The April policy meeting doesn't deliver forecast updates, or a press conference. Hence it arguably saw little need to shift the tone of its statement ahead of the next policy meeting on the 22nd of May, particularly as the balanced of risks were seen as little changed relative to the February policy meeting. * All in all, the RBNZ clearly sees it as being too early for a dovish shift in terms of the outlook. Whilst the bar to hike further is clearly elevated, the statement didn't give any hints that the restrictive policy stance will be changed in the near term. Ahead of the next policy meeting we have some key data points. Q1 CPI prints on Apr 17, so next Wednesday. Wages and employment figures are out on May 1, then inflation expectations on May 13. * Full review here: https://roar-assets-auto.rbl.ms/files/60843/MNI%20RBNZ%20Review%20April%20202 4.pdf:

Apr-12 02:14

MNI RBNZ WATCH: MPC Holds The Line

The RBNZ's MPC has largely maintained its stance from February, leaving the OCR at 5.5%.

Apr-10 06:38

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