RBNZ chief says rate settings still accommodative despite hikes
Breman's comments suggest the RBNZ is not signalling any material shift from its previous guidance, with the OCR track described as very similar to the bank's May projections, likely limiting any sharp repricing of future hike expectations following Wednesday's move. Her emphasis that policy remains accommodative even after moving the OCR toward neutral, combined with a stated need to take time assessing the impact of hikes already delivered, points to a data dependent approach rather than a preset tightening path. The acknowledgment that a further OCR increase is likely, paired with explicit uncertainty over timing, keeps optionality firmly with the committee and should temper any aggressive repricing in either direction. Her direct statement that the upcoming election plays no role in policy decisions is a standard but notable point of reassurance for markets wary of political interference in monetary policy.
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Earlier:
Breman says more hikes are coming, just don't ask her when.
Summary:
- RBNZ Governor Anna Breman says she expects economic growth to strengthen and broaden
- Breman says OCR projections are relatively in line with prior forecasts, with the track very similar to the one published in May
- Breman says the Committee can bring inflation down while continuing to support the economy
- Breman says the OCR is moving up toward neutral but remains accommodative
- Breman says the Committee may need time to assess the current stance of policy
- Breman stresses the RBNZ is not on a preset course, with the timing of any further rate rise highly uncertain
- Breman says the upcoming election does not factor into the Committee's policy decisions
- Breman says a further OCR increase is likely, with the Committee to assess the impact of hikes already delivered before proceeding
Reserve Bank of New Zealand Governor Anna Breman told reporters following Wednesday's rate decision that the central bank's OCR track remains broadly consistent with the projections it published in May, offering little indication of a significant shift in the bank's outlook despite the latest quarter point increase. Breman said she expects New Zealand's economic growth to strengthen and broaden from here, reinforcing the more optimistic tone struck in the Committee's official statement earlier in the day.
Breman said the Committee believes it can continue bringing inflation down while still supporting the broader economy, describing the current move as taking the OCR up toward a neutral setting rather than into outright restrictive territory. She was careful to note that policy remains accommodative even after Wednesday's hike, suggesting the bank does not view current settings as actively working against growth. At the same time, she said the Committee may need to take some time to properly assess the effects of its current policy stance before deciding on further action.
On the path ahead, Breman was explicit that the RBNZ is not committed to a preset course, and that the timing of any additional rate increase remains highly uncertain. That comment reinforces the Committee's broader message that future decisions will depend on the evolving balance of risks to inflation rather than a mechanical schedule. Even so, Breman said it is likely there will be a further OCR increase at some point, with the Committee first wanting to assess how the hikes already delivered are flowing through to the economy before committing to the next move.
Asked about the political backdrop, Breman said New Zealand's upcoming election does not factor into the Committee's policy decisions, a comment aimed at reinforcing the RBNZ's independence from the political cycle as the bank continues its gradual tightening path. Taken together, her remarks suggest a central bank comfortable with its current trajectory and confident in its ability to manage the inflation and growth trade-off, while deliberately avoiding any commitment to a specific timeline for its next move.
This article was written by Eamonn Sheridan at investinglive.com.提供 MainLink：Investinglive RSS Breaking News Feed
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