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In a speech today at the Peterson Institute in Washington, D.C., Adrian Orr, the Governor of the Reserve Bank of New Zealand (RBNZ), talked about the current state of New Zealand's economy and its monetary policy. Here are the main points he made:
Orr noted that consumer price inflation in New Zealand is currently at 2.2%, which is within the RBNZ's target range of 1% to 3%. This decrease is seen as a positive sign, indicating that inflationary pressures are easing.
He compared setting monetary policy to "ocean circumnavigation," highlighting the challenges that come from delays between implementing policies and their effects on the economy. Orr stressed the need to be aware of unexpected risks while navigating these uncertain waters.
The RBNZ has started to ease monetary policy but pointed out that current interest rates are still restrictive to manage any remaining inflation issues. Orr expressed hope that as inflation pressures lessen, the RBNZ could make further adjustments to support economic activity.
The Governor recognized that uncertainties about how businesses set prices and the persistence of inflation still affect the RBNZ's decisions. However, he feels optimistic about getting back to a state of low and stable inflation, which would help revive economic activity.
Overall, Orr’s speech shows a careful but hopeful approach to managing New Zealand’s monetary policy in light of improving inflation figures and ongoing economic challenges.
