Think global, not local

While the European crisis continued, last week’s local data were mixed: we got further confirmation that the Rugby World Cup has been a major temporary boost to tourism, further bad news on the migration front (we think also temporary), and signs that inflation expectations remain worryingly high. But good and bad local news alike is likely to take a back seat to global concerns in the RBNZ’s thinking for the time being, keeping rates on hold until well into next year. There was good news and

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