“The Reserve Bank stuck to the script and left the official cash rate unchanged at 5.5 percent, confirming an end to its 21-month tightening campaign”…
“It said inflation, currently at an annual rate of 6.7 percent, was expected to keep falling as would inflation expectations, with a slowing global economy, an easing in supply chain disruptions, cooler labour and housing markets”…
“It estimated that inflation would be back in the target band in the second half of 2024”…
“We don’t expect OCR cuts until May next year, give or take”
Fun fact. Modern inflation rate targeting monetary policy was invented in NZ by Don Brash (and others). It has since become economic gospel for most western banking systems. https://www.nytimes.com/2014/12/21/upshot/of-kiwis-and-currencies-how-a-2-inflation-target-became-global-economic-gospel.html
