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Business Weekly Economic Report
Enough straws to keep the RBNZ sidelined
Monday, 08 February 2010
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Recent events have been piling up one straw after another on our view of an April OCR rise, and suggest a June start to the tightening cycle is slightly more likely than an April start.
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Although we are altering our view of the likely start of the OCR tightening cycle, we are still a little more concerned than the RBNZ appears to be about the medium-term inflation impact.
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Our view is that a given pace of economic recovery will produce a slightly quicker return of inflation pressure than the RBNZ assesses. But here and now the RBNZ remains “comfortable” with the inflation outlook.
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Report Prepared by:
Jane Turner
ASB Economist
Phone: +64 9 374 8185
Fax: +64 9 302 0992
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