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RBA left policy unchanged, focus shifts on RBNZ now - BBH

RBA left policy unchanged, as expected and in addition, its growth and inflation targets were left pretty much unchanged as well, points out the research team at BBH.  

Key Quotes

“Whilst sounding fairly upbeat about the outlook for investment, the RBA saw uncertainty with regards to household consumption.  The bank also noted that underlying inflation was likely to remain low.  All said, the decision points to steady rates for the time being.”  

“RBNZ meets Thursday (Wednesday afternoon North American time).  It too is widely expected to keep rates steady at 1.75%.  Of more interest are reports that the government will review the Reserve Bank Act, which may lead to a new dual mandate and decision-making by committee.  Finance Minister Robertson stressed that RBNZ independence will be preserved, and that the current 1-3% inflation target will be kept.  However, he noted that the 2014 rate hikes might not have occurred under a dual mandate.  As such, the news is ostensibly dovish and NZD-negative at the margin.”  

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