More from the RBNZ: Estimate of nominal neural cash rate has increased 25bp

Minutes from the Reserve Bank of New Zealand meeting:

• Committee noted inflation is still expected to decline within the
  target band by the second half of 2024
• Committee agreed
  that the risks around the inflation projection remain balanced
• Committee noted that
  the estimate of the nominal neutral OCR has increased by 25 basis
  points to 2.25% within the projections, consistent with the Reserve
  Bank’s indicator suite

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Earlier:

Still to come is RBNZ Governor Orr’s press conference due at 0300 GMT, 11pm US Eastern time.