RBNZ to replace 90-day bank bill projection for track of OCR starting in November statement

Mon, 24 Oct 2016

By Jonathan Underhill Oct. 25 (BusinessDesk) - The Reserve Bank will replace its projection for the track of the 90-day bank bill rate with one for the official cash rate, saying the 90-day rate is no longer a clear signal for the direction of interest rates. "Historically the 90-day bank bill rate has provided a good gauge for the stance of monetary policy because it typically moves in a consistent manner with the OCR," the bank said in a statement. "Variations in the past have generally been temporary and experienced during periods of f...

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