Language used in a research note published by the Bank of New Zealand (BNZ) has ruffled the feathers of Graeme Wheeler, governor of the nation’s central bank, an exchange of letters has revealed.
In May, the Reserve Bank of New Zealand (RBNZ) chose to leave interest rates on hold at 1.75%. In a research note preceding the policy announcement, Stephen Toplis, head of research at BNZ, called into question the central bank’s integrity by saying it would be “negligent” not to admit to a tightening
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