Assistant Governor John McDermott gave in interview yesterday

Bloomberg recapping his comments on the wires now

But the full article is here

Mc Dermott says:

  • markets missed the downside risks to the outlook for interest rates presented in Thursday's
  • Says the RBNZ highlighted two alternative scenarios in its statement, and both of them were on downside risks to rates

Says the longer the NZD stays elevated:

  • the more it damps tradable inflation and makes it harder for the central bank to meet its mandate, McDermott said. "The more that happens, it means monetary policy would have to do even more work to compensate that particular headwind."

Check out that link for more. Maybe the mkt missed this, but at ForexLive we didn't!
You need to read McDermott's 'frustration' with the mkt failing top understand what the RBNZ said in the context of the jump in the NZD. THhe RBNZ is obviously pissed off with this, and that's why McDermott is implying we are dummies, but the RBNZ telegraphed the cut etc. weeks ago and the market positioned accordingly. The RBNZ was dealt a lesson, but it ain't rocket science, sheesh.

Dude should read and understand this:

Interest Rate Cutting for Dummies - How not to fail the RBNZ way