Graeme Wheeler is governor of the Reserve Bank of New Zealand, press conference now:

(ps. I posted the live link, if you wanna hear it straight from the horses mouth)

Headlines crossing wires (these via Reuters)

  • Would like to see most of interest rate cut passed on by banks to customers
  • Says did not seriously consider 50 bps rate cut
  • Says a larger rate cut was not justified
  • Has built in 60 basis points of interest rate cuts into its projections
  • Not surprised by rise in New Zealand dollar after rate cut
  • Says will not comment on intervention in FX market
  • Says watching NZD reaction over the next few days
  • Would be concerned to see further falls in short term inflation expectations
  • Says RBNZ has virtually no influence over tradables inflation
  • RBNZ has very limited influence over the exchange rate

more to come

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Earlier: New Zealand - RBNZ: CUT RATES by 25bp

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ALSO:

  • ANZ on the wires now, they expect RBNZ will cut twice more, to 1.5%

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MORE:

  • RBNZ has projections of cutting rates partly to take pressure off the NZD
  • Debt to income ratio tool unlikely to be implemented this year

(note, this "Debt to income ratio" comment is relevant to the house price mkt in NZ)