Two key releases were out last week, with the first being the last Monetary Policy Statement (MPS) for the year from the RBNZ. As covered in Kelvin's MPS commentary, it was more about tough talk, not action, with the OCR on hold, but an increase to the forecast peak. "No tolerance for inflation surprises" summarises the RBNZ's take right now, hence the warning shot across the bow.
The other important data updated was the CoreLogic HPI release which reaffirmed the recovery in action, including general strength across the main centres.
Otherwise a busy week for data included the NZAC (economic activity), business AND consumer confidence and jobs data, as well as dwelling consents figures.
Plus, Nick and Kelvin try to close the loop on all the proposed housing related policy from the new Government, including an update on the shortening of the brightline test and supply-side considerations.
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