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.
FOR THE FULL PUBLICATION PLEASE USE THE FOLLOWING LINK MNI RBNZ Review - July 2025.pdf: