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Shadow Board overwhelmingly in favour of keeping the OCR on hold in April
The NZIER Monetary Policy Shadow Board recommends the Reserve Bank of New Zealand (RBNZ) keep the Official Cash Rate (OCR) at 5.50 percent in the upcoming Monetary Policy Review on 10 April 2024. Shadow Board members agreed that inflation was easing, but there was uncertainty over whether the pace of this easing would be enough to bring annual CPI inflation back within the inflation target band over the coming year. The general view was that it would be prudent for the central bank to wait to assess how the economy will track over the coming months, given uncertainty over the global growth outlook and the new ... (full story)