'Meh' - Q2 labour market stats reaction

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In this quick podcast Nick and Kelvin give their reaction to the just-released Labour Market stats for Q2.

Nick reckons they're pretty 'meh' and Kelvin's take is that it probably reduces the chance of a cut to the OCR, as some bank economists have called for, next week. 

Recent volatility across global financial markets, particularly Japan, has thrown a bit of a spanner in the works, but ultimately we expect the RBNZ to hold the line in the MPS next Wednesday. Though they are likely to use the statement to reset expectations for inflation and monetary policy for the rest of the year.

Things will then turn pretty quickly, to how many and how fast cuts are going to come, once the RBNZ primes the market for the first one.

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