Reserve Bank of New Zealand Deputy Governor Hawkesby: • While near-term inflation risks are to upside, confident medium-term inflation is returning to target. • No single data point will cause rate hike, watching domestic inflation pressures, expectations. • Cutting interest rates is not part of near-term discussion. • A lot of uncertainty about tradable inflation going forward. Hawkesby making patient comments on the interest rate path ahead for the RBNZ. Cuts are coming, just not soon. (full story)