Steep rate cut aimed at staving off unconventional monetary policy: Hawkesby

Tue, 20 Aug 2019

By Rebecca Howard Aug. 21 (BusinessDesk) - The recent steep rate cut by the Reserve Bank of New Zealand was aimed at reducing the probability that unconventional tools would be needed in the future, assistant governor Christian Hawkesby said in a speech published on the bank's website. The central bank took markets by surprise earlier this month when it cut the official cash rate by 50 basis points to a record low 1 percent. The RBNZ is mandated to keep annual inflation between 1 percent and 3 percent, with a focus on the mid-point,...

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