Following today’s CPI beat, analysts at ANZ Bank New Zealand explained, overall, that they think the RBNZ will be quick to look beyond Q3’s print towards the medium-term direction for economic activity and core inflation.
Key Quotes:
“And in that regard, patchy data-flow and global developments suggest economic activity may struggle to keep inflationary pressures elevated. While today’s solid inflation print presents something of a communications challenge for the RBNZ, we doubt it would do much to delay an OCR cut should the Bank deem the growth outlook to be deteriorating.”
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