Prior to Lowe we get the monetary policy decision from the Reserve Bank of New Zealand. This is due at 2pm New Zealand time:
- which is 0200 GMT (Wednesday morning)
- and 10pm US Eastern time (Tuesday evening)
Previews of the RBNZ can be found here, ‘on hold’ is very widely expected:
As for Lowe, he will be addressing the Reserve Bank Review, and Monetary Policy, at Economic Society of Australia (QLD) Business Lunch
- at 1.04pm Sydney time (precision timing!) on 12 July
- which is 0304 GMT on 12 July
- and 2304 US Eastern time on the 11th of July
I’ll have the headlines but if you do want to listen live this is the link here.
NAB on what to expect re the Review of the Bank:
- Of most immediate interest from a market perspective would be any update on timelines towards a new 6 weekly meeting schedule and any forthcoming changes to the communication approach , including any shift to the norm of the Governor being the only spokesperson for the Board, and the possibility of publishing of votes.
And on policy matters ahead:
- Another topic to watch out for is whether the Governor makes any reference to the Bank’s intentions to target the top of the 3% range by mid-2025 or endorsed the Bank’s review to target the midpoint of the target (2.5%). The speech and Q&A will also likely shed some more light on the July decision to pause, and how low the bar is to further hikes (NAB continues to see two more hikes to 4.60%).
Reserve Bank of Australia Governor Lowe