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本帖最后由 virus 于 2010-10-28 10:36 编辑
Bollard keeps OCR at 3%, but tightening expectedThe official cash rate has been kept at 3% due to weak spending and a soft property market, however some tightening is still expected.
“Continued household caution has seen consumer spending and housing market activity remain muted, and many firms have become less optimistic about their future," Reserve Bank governor Alan Bollard said.
Despite some data turning out weaker than projected, the medium-term outlook for the New Zealand economy remains broadly in line with that assumed at the time of the September Monetary Policy Statement.
Bollard said it was appropriate to keep interest rates at what he has previously called “a very stimulatory” level but tighter monetary policy will probably be "required at some stage".
New Zealand's economic recovery from the worst recession in 18 years took a dent this year as households shunned spending in favour repaying debt, while the property market dropped into the doldrums as incoming migrants tapered off and more kiwis looked across the Tasman for brighter employment prospects.
The central bank will want to see "actual growth and evidence that growth is becoming self-sustaining" before hiking rates again, UBS economist Robin Clements said. "We don't anticipate this to be until March next year" with the OCR reaching 4% by end of 2011, he said.
Last week, Bollard told Parliament's Finance and Expenditure Committee he expects consumer spending to pick-up when confidence returns, the labour market improves, and when producers finish paying off debt and can take advantage of the strong commodity prices they've been enjoying.
Consumer confidence took another step lower this month according to last week's ANZ Roy Morgan survey, with people holding off from buying major appliances, even as the government hiked consumption tax 2.5 percentage points to 15%.
Yesterday's National Bank Business Outlook showed companies were more upbeat this month as export season approaches, though the strong kiwi dollar weighed on their expectations for offshore sales.
Earlier this month, the New Zealand Institute of Economic Research, which puts out the quarterly survey of business opinion, said a string of downbeat data during the September quarter raised the threat of a double-dip recession and raised questions about the sustainability of the recovery. Along with GDP and inflation, the confidence survey is closely followed by the central bank when setting monetary policy.
以下是google山寨翻译,凑活看看吧 ;titter;
官方现金利率一直保持在3%,原因是消费疲软和柔软的房地产市场,但一些紧缩政策仍有望。
“继续谨慎已经看到家庭消费开支和住房市场活动保持沉默,许多企业已大不如前,对他们的未来感到乐观,”储备银行行长波兰德表示。
尽管取得了一些数据较预期疲弱转出,对新西兰经济的中期前景仍然大致符合,在九时假定货币政策声明。
波兰德表示,在什么是适当的,他以前被称为“非常刺激”的水平,但紧缩的货币政策将可能是“在某个阶段需要”维持利率。
新西兰从18年来最严重衰退的经济复苏了一个凹痕,今年美国家庭回避赞成偿还债务的支出,同时房地产市场进入作为传入移民低迷全面下跌塔斯曼寻找光明的就业前景逐渐变细,更猕猴桃。
央行将希望看到“实际增长和证据表明,经济增长正在变得自我维持”之前再次加息,瑞银经济学家罗宾克莱门茨说。 “我们并不预期这是至明年三月”与光学字符识别由2011年年底达到4%,他说。
上周,波兰德告诉国会的财政和支出委员会,他预计消费开支回升,信心恢复的时候,劳动力市场好转,当生产者完成清偿债务,可以利用强劲的商品价格上涨,他们一直在享受着优势。
消费者信心降低了这个月又迈进了一步,根据上周的澳新银行罗伊摩根调查显示,与人持观望态度购买大型电器,即使政府调高消费税2.5个百分点至15%。
昨天的国家银行业务展望显示,公司更乐观这个月的出口季节的临近,尽管对美元强大的猕猴桃销售境外的期望权衡。
本月早些时候,新西兰经济研究所,它拿出意见季度调查的企业表示了悲观的数据在第三季的字符串提出了一个双底衰退的威胁,并提出有关经济复苏的可持续性问题。随着国内生产总值和通货膨胀,信心调查是紧随其后的是央行制定货币政策时。 |
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