NZIER’s Shadow Board still favour QE over negative OCR for stimulus

We are continuing to seek our Shadow Board members’ views on whether the Official Cash Rate (OCR) should be negative and if the Reserve Bank should expand its quantitative easing (QE).
Fewer Board members see further quantitative easing as appropriate over the coming year. This follows the Reserve Bank’s decision to expand its Large-Scale Asset Purchases (LSAP) programme up to $100 billion at the August meeting.