RBNZ Chief Economist Conway says Middle East conflict complicates monetary policy like all supply shocks, adds understanding how firms respond to cost shocks is crucial in maintaining low and stable inflation
UAE Defence Ministry reports two national tankers were targeted by Iranian cruise missiles in the southern Strait of Hormuz, with the incident occurring in Omani territorial waters, adds one Indian crew member was killed and eight others were wounded
UKMTO received a report that a tanker was hit by an unknown projectile 40NM northeast of Qalhat, Oman
RBNZ Chief Economist Conway says Middle East conflict complicates monetary policy like all supply shocks, adds understanding how firms respond to cost shocks is crucial in maintaining low and stable inflation
US President Trump says he thinks an Iran deal is possible
New Zealand NZIER Business Confidence (Q2) 8% (Prev. -4%)
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Says:
- Despite easing prices, the effects of the shock are expected to continue impacting the economy for some time.
- Monetary policy can prevent initial price effects from becoming secondary inflation pressure.
- Medium-term inflation expectations remain well anchored, which should help limit pass-through.
- Further reduction in monetary stimulus is likely to be required.
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