RBNZ Governor Breman says in online post-meeting press conference that the decision to hold rates was a consensus, adds discussed raising rates at today's meeting but were not close to hiking

RBNZ Governor Breman's remarks indicate a cautious stance regarding rate hikes, suggesting a consensus was reached to hold rates steady, reflecting no immediate pressure for a hike.

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Says:

  • We were not close to hiking rates today and there were no strong advocates for a hike today.
  • If oil prices keep falling our inflation forecast would be on the high side.
  • Tighter financial conditions expected to modestly dampen growth.
  • Frequency of rate hikes could be every meeting or every second meeting, it depends.
Context
The statement about a potential future frequency of hikes, coupled with concerns about falling oil prices impacting inflation forecasts, signals that while policy remains accommodative for now, the bank is closely monitoring inflation and growth dynamics which could shape upcoming decisions.

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