New Zealand - RBNZ acknowledging the growing downside risks

The changes to the Reserve Bank of New Zealand’s (RBNZ) policy statement after it left interest rates at 1.75% today are more cosmetic than substantive. But the Bank has acknowledged the growing downside risks to both the global and domestic economies. Our view that GDP growth will be much weaker than the RBNZ expects suggests that interest rates won’t rise until mid-2020.

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