Spirit of caution in OCR call
As expected, Reserve Bank Acting Governor Grant Spencer’s last statement contained no surprises, leaving the OCR on hold at its historic low and maintaining a neutral stance.
Spencer says monetary policy will remain accommodative for a considerable period as numerous uncertainties remain and policy may need to adjust accordingly.
Westpac chief economist Dominick Stephens says this guidance is the same as has been used, more or less unchanged, since February last year.
Spencer’s statement contained no indication that any of the recent economic data and developments have changed the Reserve Bank’s view, he says.
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