RBNZ’s Orr: Confident around fiscal spending will shift burden of monetary policy

“Confident around fiscal spending that will happen and will shift the burden of monetary policy”, said Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr while addressing the post-monetary policy decision press conference on Wednesday.

The RBNZ left the Official Cash Rate (OCR) unchanged at 1.0% in the last hour, although surprised the markets by providing a hawkish shift in its policy guidance. The central bank did not forecast any rate cut this year.

Key Quotes

Looking at assumption of around 6-week disruption due to coronavirus.