NZ central bankers are not fortune tellers, says assistant governor McDermott

Mon, 15 May 2017

By Rebecca Howard May 15 (BusinessDesk) - New Zealand's central bank monitors a wide range of data to gauge the current state of the economy and develop forecasts but "we are not fortune tellers," Reserve Bank assistant governor and head of economics John McDermott said in a speech to the New Zealand Manufacturers and Exporters Association in Christchurch. McDermott outlined the reasons why the bank regularly produces and publishes forecasts and official cash rate projections, noting they provide "a 'clear line in the sand' as to the bank...

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