RBNZ Governor Breman Says OCR Will Likely Remain at 2.25% For Some Time

New Zealand's Reserve Bank Governor, Dr. Anna Breman spoke about the country's economic outlook and monetary policy settings in media interviews this week. Dr. Breman, who recently joined the Monetary Policy Committee (MPC), emphasized promoting understanding of the bank's role and decisions. She said that the November Monetary Policy Statement (MPS) provides a thorough and clear assessment of economic conditions and inflation outlook. The economic outlook has evolved broadly in line with MPC expectations, with growth recovering after stalling mid-year. The labour market remains weak but is expected to recover as demand strengthens. Inflation is anticipated to decline towards the 2% target mid-point by mid-next year. Dr. Breman reiterated that the Official Cash Rate (OCR) is likely to remain at 2.25% for some time, with a slight probability of another rate cut in the near term.