The correction of these imbalances and associated inflation pressures will require a slowdown in housing, credit growth and domestic spending, ... We also expect a significantly lower exchange rate.
More Quotes from Alan Bollard:
The prospect of further tightening may only be ruled out once a noticeable moderation in housing and consumer spending is observed, ... Certainly, we see no prospect of an easing in the foreseeable future if inflation is to be kept within the 1 to 3 target range on average over the medium term.Alan Bollard
Further policy tightening may still prove necessary. Certainly, there remains no prospect of a cut in the foreseeable future.
Alan Bollard
We have seen ongoing momentum in domestic demand and persistently tight capacity constraints, ... We remain concerned that inflation pressures are not abating sufficiently to achieve our medium-term target.
Alan Bollard
We now see the exchange rate as exceptionally high, and in some respects this is unjustifiable. In time, it will fall. Investors who think that the New Zealand dollar only goes up will be set for disappointment.
Alan Bollard
Given the time it will take to bring inflation back towards the mid-point of the target band, we do not expect to be in a position to ease policy this year. Any earlier easing would require a more rapid reduction in domestic inflation pressures than the substantial slowing already assumed in our projections.
Alan Bollard
There's inflation activity in the system, there's cost and wage pressures in the system, and we need to see that abate before we're prepared to see interest rates come off.
Alan Bollard
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