Kudos to the Governor

I have been critical of the Reserve Bank Governor for not yet having given an on-the-record speech about either of his main functions, monetary policy or financial regulation/supervision.  Next week marks a year since he took up the job, and 1 April is the day he loses exclusive control of monetary policy to the new MPC, which he will nonetheless chair (and effectively control).

But this invitation just turned up.  It seems to be an open invitation, so anyone interested should feel free to sign up.  I’ll certainly be there and will no doubt write about what he has to say.

orr speech

It is also commendable that the invitation indicates that the Bank will be releasing video of the Governor’s speech (and any Q&A?)  This is a well overdue step forward –  especially as this Governor is quite open about freely departing substantially from his written texts –  and, if adopted consistently, will bring the Bank into line with how things have long been done at the Reserve Bank of Australia.

Presumably, by next Friday the Minister of Finance will finally have announced the other members of the new Monetary Policy Committee.

5 thoughts on “Kudos to the Governor

  1. Westpac is now the sixth bank to offer the market a key mortgage rate under 4%.

    I guess the sentiment is that the RB Governor will just shuffle some paper, offer some condolences to our Christchurch community and start to go on about the Tree God and the Maori economy and confirm a no change to the OCR at 1.75% but could move either up or down in the future.

    Gosh they should pay me the $500k salary. I have already done his job.

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    • BNZ is the seventh latest bank to offer a sub 4% fixed mortgage rate.

      HSBC launches a 3.69% two year fixed mortgage ‘special’, the lowest-ever home loan rate from any bank for at least 50 years.

      Clearly a slowing global economy including in the US is putting downwards pressure on interest rates with the US Federal Reserve putting off any further interest rate increases.

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      • ANZ is the eight latest bank to offer a sub 4% fixed mortgage rate.

        My Huntly rental investment property rent has just jumped up from $350 a week to $450 a week. Cant believe that rents in Huntly is moving up to that extent. Must be a lot of landlords getting out of the rental market.

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