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The RBNZ Governor provided a high level speech on the unconventional policy measures at the Bank’s disposal. Economists at TD Securities sensed the Bank was comfortable with current policy settings and did not feel compelled to deliver an inter-meeting cut.

Key quotes

“The RBNZ Governor Orr outlined the Bank’s suite of possible unconventional monetary policy tools at its disposal. The Governor made clear that the Bank has no immediate intention in resorting to unconventional monetary policy, a view that we also share for the current cycle.”

“In today’s speech the Governor again indicated the next assessment of the OCR is on 25th March, suggesting the Bank is unlikely to deliver an inter-meeting cut.” 

“We forecast a 50bps cut at the Bank’s March meeting, but the odds for a 50bps cut dropped from 70% to 35% following the Governor’s speech.”

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