Wheeler's comment here

BNZ responds:

  • Speech reiterates the message in the Monetary Policy Statement
  • Expected 35 bp of further interest rate cuts balances a number of economic risks, should bring CPI back into 1 to 3% target range
  • Nothing new in the speech
  • Could be a disappointment for those expecting more dovishness in the tone

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NZD dribbling back toward where it was: