The RBNZ shifts into neutral, for now

The Reserve Bank of New Zealand's more dovish outlook for interest rates marks a big departure from recent months, but it won't be able to sit on the fence for long.

The Reserve Bank of New Zealand has reverted to a more neutral stance on monetary policy, which suggests that rates will remain unchanged for some time. But with the Canterbury rebuild still in the works, it appears likely that rates will need to rise further to moderate strength within the non-construction sector.

The cash rate in New Zealand remained at 3.5 per cent in January. Rates have increased by 100 basis points since the RBNZ began its tightening phase in March last year.

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