RBNZ Governor Adrian Orr articulated a firm stance today and emphasized that the committee is “laser-focused” on steering inflation back to its target range.
Orr’s acknowledged the progress and RBNZ is “on track” getting inflation back to targets. Yet he also tempers expectations by noting that the journey is far from complete with the admission that they are “not there yet.”
A critical element highlighted by Orr concerns inflation expectations, which he identifies as a significant challenge in the battle against rising He pointed out the cyclical nature of inflation expectations, stating, “the more people think inflation will rise next year, the more inflation will rise next year.”
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