He's delivering a warning shot. The message is that they don't appear to see any problem with having monetary policy in a restrictive stance for some time.
More Quotes from Cameron Bagrie:
International oil prices have shifted to a higher level permanently.Cameron Bagrie
Such levels have typically coincided with a short-term contraction. After five years of stellar growth, the economy is now entering a more sedate growth phase, as is required to alleviate pressure on resources.
Cameron Bagrie
It's a question of relative risks and Bollard is more mindful of inflation. He will be comfortable with receding growth.
Cameron Bagrie
It is probably close to its nadir but it will improve only slowly.
Cameron Bagrie
I'm U.S. dollar bullish over the next three months, largely because the Fed will go to 4.75 percent and they'll leave the door open to 5 percent.
Cameron Bagrie
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