First female RBNZ governor inherits 0.9% GDP contraction - traders watch for 50bp cut
Key Points
- New Zealand's economy faces a 0.9% quarterly GDP contraction...
When Adrian Orr packed his bags earlier this year amid controversy, he left behind more than just an empty office chair at the Reserve Bank of New Zealand. He left a 0.9% quarterly GDP contraction and an economy that's basically doing the financial equivalent of limping to the finish line.
Tomorrow, Finance Minister Nicola Willis will announce New Zealand's first female central bank governor, and word on the street is she might be an import. Because apparently, when your economy contracts by nearly a full percentage point, local talent suddenly looks as appealing as a soggy pavlova.
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