RBNZ stick to their guns

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This week it is all about the Reserve Bank's latest Monetary Policy Statement (MPS), and included OCR decision from last week. 

Perhaps the most important viewpoint was their take on what their role will or should be in response to supporting the recovery from the devastating impact of Cyclone Gabrielle as well as the severe flooding in Auckland a few weeks prior.

But as Nick and Kelvin discuss, the RBNZ quickly outlaid that both the timing and broader role of monetary policy dictated they 'look through' the impacts of the event for now, leaving that to fiscal and private support in the first instance.

Outside of the MPS, the latest CoreLogic Housing Affordability Report provides an excellent marker for future house price growth (or lack-of), while Kelvin remains very attentive to the latest NZ Activity Index (NZAC) for economic performance and the latest lending stats provide yet more evidence (not that it's needed) of how slow the market really is.

Plenty to come this week too, including the CoreLogic House Price Index results for February, going public on Wednesday.

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