RBNZ Gov. Hawkesby says decision to hold a rate vote was a healthy sign

• Hawkesby says a vote is not unusual at turning points
  

Reserve Bank of New Zealand Giovernor Hawkesby press conference now, following the rate cut earlier today:

• RBNZ cuts cash rate by 25bp vs. 25bp expected
• NZD/USD bouncing after the expected RBNZ 25bp cash rate cut

Hawkesby:

• Decision to hold vote on rates was healthy sign, not unusual at turning points

Is the RBNZ at a turning point? A hint or a ‘typo’ from Hawkseby?

• Did form a consensus projection for the cash rate, but high degree of uncertainty
• Central projections are wide enough for us not to have a bias either way on next steps at the next meeting
• Rates are in the neutral zone
• Being close to neutral, more about feeling your way on policy now

• Key message is that we have come a long way, not pre-programmed on moves now
• Committee members were comfortable with projection on rates, a difference on timing