RBNZ cuts rates to new low on ‘subdued’ outlook
Central bank opts to cut the policy rate despite being broadly on target, citing “headwinds”
The Reserve Bank of New Zealand cut its headline interest rate to a new record low of 1.5% today, as policy-makers warned of “headwinds” to growth and employment.
The monetary policy committee chose to lower the official cash rate by 25 basis points. In his statement on the decision, governor Adrian Orr called the outlook for employment and growth “subdued”, while capacity pressure is likely to “ease only slightly” this year. “Consequently, inflationary pressure is projected to rise only slowly
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