MNI RBNZ Review-July 2025: On Hold, Easing Bias Still Intact

EXECUTIVE SUMMARY: 

• As widely expected the RBNZ left rates on hold at the July policy meeting.
• The central bank considered cutting rates, largely due to concerns around faltering economic momentum. However, with near term inflation pressures expected to be firmer, the case to hold presented a more compelling argument.
• The central bank maintained an easing bias, subject to medium term inflation pressures subsiding.
• Note Q2 CPI data prints on July 21.

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