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RBNZ: Monetary Policy Statement to take centre stage this week – ANZ

According to analysts at ANZ, the RBNZ’s Monetary Policy Statement will take centre stage this week and while developments have been a mixed bag since the August Statement, but ANZ expects the RBNZ will remain cautious about the medium-term outlook and reassert a dovish tone.

Key Quotes

“Labour market data also out this week is expected to show a stable, tight labour market, providing continued support to household spending. So far, the household sector has been fairly resilient to the headwinds facing the economy, but our latest ANZ-Roy Morgan Consumer Confidence Survey shows that households are feeling a bit warier about the future.”

“Going forward, we expect that consumption will remain firm, supporting growth. But with businesses and even the RBNZ circumspect about the future, wariness may be here to stay – meaning household retrenchment is a key risk. There’s a slew of other data out this week, including a GlobalDairyTrade auction, with a further fall in dairy prices expected.”

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