Reserve Bank of New Zealand July meeting minutes – Inflation remains too high

<p>Announcement and summary of statement is here:</p><ul><li><a href="https://www.forexlive.com/centralbank/reserve-bank-of-new-zealand-leave-cash-rate-unchanged-at-55-as-widely-expected-20230712/" target="_self" rel="follow">Reserve Bank of New Zealand leave cash rate unchanged at 5.5%, as widely expected</a></li></ul><p>From the minutes to the meeting, Headlines via Reuters:</p><ul><li>
Committee agreed that monetary conditions are restricting spending
and reducing inflationary pressure as anticipated</li><li>Committee agreed
that interest rates will need to remain at a restrictive level for
the foreseeable future</li><li>Inflation remains
too high</li><li>Committee noted that
monetary conditions have continued to tighten</li><li>Committee noted
inflation is still expected to decline within the target band by the
second half of 2024</li><li>Monetary policy in
new zealand reached a more restrictive level earlier than in many
other economies</li><li>Recent data suggest
that tight monetary conditions are constraining domestic spending as
expected</li><li>Employment remains
above its maximum sustainable level, however recent indicators
suggest that labour market conditions are easing</li><li>Labour shortages
have started to ease, partly in response to the recent arrival of
more migrants</li></ul><p>NZD/USD coming off a little after its earlier rise:</p>

This article was written by Eamonn Sheridan at www.forexlive.com.