New Zealand May Open Rate-Hike Door Amid Signs Economy Is Overheating

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New Zealand May Open Rate-Hike Door Amid Signs Economy Is Overheating

Bloomberg2021-07-13

(Bloomberg) -- New Zealand’s central bank may signal it’s willing to begin tightening monetary policy later this year as a slew of strong data suggest the economy is overheating. The Reserve Bank will...

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TL1M
·2021-07-13
Pls like
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- Elbeez:
  Like and comment
  2021-07-13
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woah
·2021-07-13
Like and comment thank you
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- TL1M:
  Done
  2021-07-13
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teguh
·2021-07-13
is that good sign?
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- woah:
  idk
  2021-07-13
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tinggie
·2021-07-13
Kk
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tinggie
·2021-07-13
K
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georgiahobo
·2021-07-13
interesting
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WwwQY
·2021-07-13
Icing required
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- Jinkachu:
  like and share
  2021-07-13
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serjaime
·2021-07-13
Hmm
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- Shoko:
  hmm
  2021-07-13
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But economists at the country’s four largest banks now predict the RBNZ will start raising rates in November, and they expect it to tacitly acknowledge that possibility in its statement.\n“The RBNZ can tick all its boxes -- inflation risks have flipped firmly towards it being too high for too long, and we think the labor market is at least at, possibly past full employment,” said Sharon Zollner, chief economist at ANZ Bank New Zealand in Auckland. “We don’t need any more demand in this economy right now. I think it is overheating.”\nInvestors ramped up rate-hike bets last week after a survey of business opinion showed increasingly confident firms are passing on higher costs by raising prices. At the same time, considerable risks remain. New Zealand’s border is still largely closed to the outside world and a slow vaccination roll-out has left it vulnerable should Covid-19 breach its defenses.\nThe RBNZ’s Monetary Policy Committee, led by Governor Adrian Orr, will publish its decision at 2 p.m. in Wellington tomorrow. It is an interim review, not a quarterly Monetary Policy Statement, so no new forecasts will be published and Orr will not hold a press conference. 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Gross domestic product jumped 1.6% in the first quarter from the fourth, three times the pace forecast by economists, while the housing market continues to boom despite government efforts to curb property investment.\nThe unemployment rate fell to 4.7% in the first quarter, and economists expect data due July 16 to show the inflation rate almost doubled to 2.7% in the second quarter, nearing the top of the RBNZ’s 1-3% target range.\nThe central bank will want to be sure that faster inflation is becoming entrenched, and may be wary of putting upward pressure on New Zealand’s exchange rate by tightening policy much sooner than its peers, said John Carran, an economist at Jarden Group in Auckland.\n“They need to take a bit more time to see how long these labor market pressures and other cost pressures develop and whether they are going to flow through into significantly higher wages,” said Carran. “I don’t think there is enough evidence to say the spike in inflation will persist, and to justify the RBNZ raising rates.”\nBut Craig Ebert, senior economist at the Bank of New Zealand in Wellington, said inflation will continue to track higher over the course of the year and the jobless rate will fall further. 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that good sign?","listText":"is that good sign?","text":"is that good 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