OCR call takes backseat
Reserve Bank Acting Governor Grant Spencer is handing over the reins to new Reserve Bank Governor Adrian Orr who takes up the role on March 27.
Orr’s arrival will be accompanied by a new Policy Targets Agreement (PTA) and a reviewed Reserve Bank Act is set to come into play later this year.
Economists responding to the regular TMM OCR preview survey believe next week’s OCR announcement will be overshadowed by market perceptions around these changes.
ANZ senior economist Liz Kendall says that with interest rates on hold this year, OCR decisions have taken a bit of a backseat.
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