The stronger tone of recent data was clearly enough to prompt most members of the MPC to vote to keep interest rates on hold today, but we would not be surprised if the decision was rather closer than the markets seemed to think.

Jonathan Loynes

Clearly Data Members Prompt Recent Stronger Tone Vote

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The New Zealand dollar continues to find friends. The less negative tone of the most recent economic data and a growing realization the Reserve Bank will probably not be easing in the near term have lent support.

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The MPC has acted early and aggressively. The soft landing scenario is still on track.

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I don't think most members have figured out how they are going to vote for it,

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Tone is the hardest part of saying no.

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Our national federations are legitimate members, some are stronger, some are weaker.

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