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Reserve Bank of New Zealand governor Adrian Orr says has not, and still does not, need to use alternative monetary policy instruments. The speech does not discuss current economic conditions, outlook for the official cash rate.

Key notes

  • Says but it is best to be prepared.
  • Fortunate, unlike many other OECD economies, to have time to prepare for alternative steps.
  • Goal of steps would be to ensure a strong and sustained increase in economic activity.
  • To release a series of technical papers explaining the tools in more detail.

More to come