BMLpL

Bank of America Corporation Bank of America Corporation Depositary Shares (Each representing a 1/120

20.3800
USD
-0.97%
20.3800
USD
-0.97%
18.4500 25.9300
52 weeks
52 weeks

Mkt Cap 105.98B

Shares Out 5.20B

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RBNZ governor says aggressive path best for achieving inflation goals

WELLINGTON, May 26 (Reuters) - RBNZ Governor Adrian Orr said on Thursday that going early and fast remains the best path for the central bank's achieving its primary inflation and employment objectives. "The single biggest risk to this nation at the moment is enabling current high CPI inflation to become embedded in future ongoing inflation expectation," Orr told a New Zealand government committee meeting. He said the central bank was not projecting New Zealand would move into a recession. However, Orr said challenges to the New Zealand's growth were coming through significant downgrades to growth expectations internationally particularly from China. The RBNZ has been a frontrunner in a global shift towards removing extraordinary stimulus put in place during the pandemic as authorities try to contain surging inflation. However, at Wednesday monetary policy review central bank forecasts showed the bank was set to tighten much more than many expected. Orr said New Zealand's decision to start increasing rates was being watched by central bank's around the globe. "The Reserve Bank of New Zealand is called upon a lot because we have been early to the party and we have been seen as a well-seasoned inflation targeter," Orr said. "So there's a lot of interest in how and what we're doing." (Reporting by Lucy Craymer; Editing by Leslie Adler and Stephen Coates) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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