New Zealand central bank expects 35 basis points of cuts: governor
[WELLINGTON] New Zealand's central bank said on Tuesday that its current interest rate track involves further cuts to balance a number of risks while generating an increase in consume price index inflation.
"Our present judgment is that the current interest rate track, involving an expected 35 basis points of further interest rate cuts, balances a number of risks weighing on the economy, while generating an increase in CPI inflation back toward the mid-point of the 1 to 3 per cent target range," Reserve Bank of New Zealand Governor Graeme Wheeler said in a speech to businesspeople in Dunedin, the text of which was released on the bank's website.
The bank in early August cut interest rates by 25 basis points to a record low of 2.0 per cent and said further policy easing may be needed.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Beijing city to subsidise domestic AI chips, targets self-reliance by 2027
China passes tariff law as tensions with trading partners simmer
Blinken meets Chinese counterpart Wang Yi in Beijing
South Korea’s public finances no longer a credit rating ‘strength’: Fitch
UK consumer confidence improves as inflation and taxes fall
Inflation in Japan’s capital falls below BOJ target, slows for second month