RBNZ’s Orr: We are still predicting a recession over a 9-12 month period

Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr is speaking at the February post-monetary policy meeting press conference this Wednesday, sticking with the central bank’s hawkish outlook following a 50 basis points (bps) Official Cash Rate (OCR) rate hike announcement.

Key quotes

"We are still predicting a recession over a 9-12 month period."

“Too early to determine impact of Cyclone Gabrielle.”

“Prices for some goods are likely to spike in the weeks ahead.”

more to come ...