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Reserve Bank of New Zealand holds steady at 2.25%, but signals easing

Published 04/27/2016, 07:32 PM
Updated 04/27/2016, 07:34 PM
© Reuters. RBNZ holds, but signals easing

Investing.com - The Reserve Bank of New Zealand left the official cash rate at 2.25% Thursday and signaled further easing may be needed as well as a need to ease upward pressure on the currency.

The RBNZ said “further policy easing may be required to ensure that future average inflation settles near the middle of the target range."

The statement, according to Capital Economics, sets the tone ahead.

"We don’t believe that the slightly more positive tone of the policy statement released after the Reserve Bank of New Zealand (RBNZ) left interest rates on hold at 2.25% today will prevent the Bank from cutting rates to 2.0% at the meeting in June," Capital Economics said in a note to clients.

"What’s more, we think that the RBNZ will have to go one step further and reduce rates to 1.75% later this year."

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