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JP Morgan On Bollard's Speech
RBNZ Governor's speech: inflation not on the
backburner
RBNZ Governor Alan Bollard,
in a speech to the Wellington Chamber of Commerce today,
reiterated that the Bank remains focused on inflation,
despite the Governor having delivered a punchy 150bp
official interest rate cut less than one week ago. We
believe the RBNZ is not even close to the finish of this
easing cycle (we forecast a terminal cash rate 175bp below
the prevailing rate), but that officials want the market and
industry to know that inflation remains a key policy
consideration, even though the economy is in
recession.
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