Adrian Orr said that OCR increases were over, then he jammed his fingers tightly into his ears & shut his eyes. “I am not listening, I am not listening” he said.

Sorry Adrian, New Zealand doesn’t exist in a vacuum. What other, much larger nations do has an enormous bearing on us. The NZD must maintain its global purchasing power. The Federal Reserve and the ECB have important interest rate decisions to make this week. What they do will impact us.

Here at home, non-tradeable inflation barely moved last quarter -

‘Non-tradable inflation, a closely watched indicator of domestic price pressures, eased to 6.6% from 6.8% but was still higher than the RBNZ's projection of 6.3%’

‘Adrian has spoken.’ Yes, but so did King Canute, and the tide still came in.