Reserve Bank of New Zealand Asssitant Governor McDermott remarks crossing Reuters now

  • Says central bank projections show one more cut likely, another possible
  • Does not give timeframe for cut but says 'we have a big chance to assess in November'
  • Says markets over-anticipated central bank move
  • Says high exchange rate was a key concern
  • Main reason for cut is to manage inflation expectations
  • If NZD higher than forecast, risk of more rate cuts increases

I don't really know where to start with this ....

OK:

"markets over-anticipated central bank move"

  • If this means the market picked the policy PERFECTLY, then yeah.

"If NZD higher than forecast, risk of more rate cuts increases"

  • 'Cause that works so well, right?

FFS, maybe the NZD is not the only thing that is high