Applause for OCR call
As expected the Reserve Bank kept the OCR on hold at its historic low of 1.75% and also retained its neutral bias.
But the way in which both the OCR announcement and the Monetary Policy Statement (MPS) were laid out and delivered has changed and economists say the changes are for the better.
ASB chief economist Nick Tuffley says there was little change in the outlook for the OCR and interest rates in this morning’s statement.
Yet the way the OCR and MPS messages were delivered meant there was much greater clarity as well as a swiftly digestible message.
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