RBNZ’s Wheeler: RBNZ cut rate because of exchange rate pressures on the economy

The Reserve Bank of New Zealand (RBNZ) Governor Wheeler is on the wires now, via Reuters, justifying its rate cut decision before the parliamentary committee.

Key Headlines:

Concerned about inflation expectations 

Monetary policy tools are working

It cut rate because of exchange rate pressures on the economy

Economy does not currently need a 50bp cut

Does not see a case for moving away from inflation targetting