The only thing we expect to change at the Reserve Bank of New Zealand‘s monetary policy meeting on Thursday 10th May is the Governor, as interest rates will almost certainly stay on hold at 1.75% at Adrian Orr’s first meeting. It is possible that Orr will change the Bank’s interest rate projections in the accompanying Monetary Policy Statement, but the flow of economic data and his comments in recent speeches suggest that’s unlikely. Either way, we think the RBNZ will keep interest rates on hold until 2020.
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