US inflation hotter than forecast at 13-yr high of 5.4%, but markets relaxed as US Govt sees it as temporary; Eyes on RBNZ at 2pm; Wellington house inflation rate 46.2%; Palmerston North up 61.2%
Why does OCR get altered on a set day. Obviously it can be done on any day. I have recommended in the past the RBNZ could and should act capriciously and jerk the OCR up and down and around around at any time - that would corral the horses
Cheers. Just the way it’s always been. Similar cadence for other central banks, who usually make monthly decisions. Ours happen every six weeks or so, with quarterly full Monetary Policy Statements in Feb, May, August and November. Big six week gap between late Nov MPS and late Feb MPS. That is relatively new and problematic in my view. 10 weeks too long, I think. But you’re right, there can be cuts at any time. Out of cycle cuts tend to be massive emergencies….March 16, 2020….although none I could see recently before that. https://www.rbnz.govt.nz/news/2021/07/monetary-policy-announcement-and-financial-stability-report-dates-for-2022-23
Why does OCR get altered on a set day. Obviously it can be done on any day. I have recommended in the past the RBNZ could and should act capriciously and jerk the OCR up and down and around around at any time - that would corral the horses
Cheers. Just the way it’s always been. Similar cadence for other central banks, who usually make monthly decisions. Ours happen every six weeks or so, with quarterly full Monetary Policy Statements in Feb, May, August and November. Big six week gap between late Nov MPS and late Feb MPS. That is relatively new and problematic in my view. 10 weeks too long, I think. But you’re right, there can be cuts at any time. Out of cycle cuts tend to be massive emergencies….March 16, 2020….although none I could see recently before that. https://www.rbnz.govt.nz/news/2021/07/monetary-policy-announcement-and-financial-stability-report-dates-for-2022-23