RBNZ Gov Orr spoke with media: “we’re unambiguously contractionary in our monetary” policy

RBNZ Governor Orr repeated what he had said yesterday in the RBNZ statement and following press conference.

Orr spoke with CNBC after the Bank hiked its cash rate target by its biggest ever margin, +75bps on Wednesday:

• “I would say we had more discussion around a 75 versus 100 than we had around a 50 versus a 75”
• “Now we can say we’re unambiguously contractionary in our monetary position”
• “We need to be, given the … economy at present”