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Speaker 1: Now Jane Tibcherini is The Herald's Wellington Business editor and

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Speaker 1: with us. Now, how your name, hey Heaver? OCR uncertainty

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Speaker 1: still the case, isn't it?

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Speaker 2: Very much? So? The picture that I have in my

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Speaker 2: mind is of some sort of frantic office worker trying

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Speaker 2: to explain things by referring to a pin board, sort

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Speaker 2: of drawing strings between pieces of paper, sort of saying,

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Speaker 2: you know, if this happens, this could happen, and that

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Speaker 2: could happen, but maybe not. And here's another scenario that

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Speaker 2: was kind of my read through the Reserve Bank's quarterly

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Speaker 2: Monetary Policy statement and its commentary today in the press conference.

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Speaker 2: So it cut the OCR by twenty five basis points,

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Speaker 2: as expected, but then it really highlighted the uncertainty and

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Speaker 2: the global outlook, largely down to Donald Trump. I think

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Speaker 2: it referred to the word uncertain one hundred and sixty

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Speaker 2: four times and it's sixty two page document. News.

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Speaker 1: That's a lot, isn't it. What's going on with the cuts?

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Speaker 1: Because we all assume that there was just going to

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Speaker 1: be a rate. It cuts at a rate of knots,

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Speaker 1: but it doesn't look very much like that at all.

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Speaker 2: Now, yeah, look it's very much open for interpretation. You

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Speaker 2: could argue that Christian hawk speed delivered a hawkish statement,

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Speaker 2: and that is because the Monetary Policy Committee was divided

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Speaker 2: for only the second time ever on what to do

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Speaker 2: with the OCR. One person thought it should stay at

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Speaker 2: three point five percent, the others thought it should be cut. Yeah,

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Speaker 2: so you know, so there's that factor. Also, the commentary

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Speaker 2: today in the press conference really suggested it there was

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Speaker 2: a bit of uncertainty. I think Christian said that, you know,

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Speaker 2: there was no clear bias, So basically, at the next

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Speaker 2: meeting he couldn't say, you know, which way he was

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Speaker 2: leaning in terms of what the committee would do with

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Speaker 2: the OCR. But then the thing that was a bit

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Speaker 2: puzzling was the projections in the statement suggested that the

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Speaker 2: OCR would still be cut another couple of times. So

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Speaker 2: you know, you're piecing together bits of information that tells

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Speaker 2: slightly different stories. So the only real story that this

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Speaker 2: all tells is that we don't know. I know.

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Speaker 3: Well, if they don't know, then I think we can

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Speaker 3: say it's okay that we don't know, because they are

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Speaker 3: the ones who are supposed to know. Hey, thank you,

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Speaker 3: and I appreciated to Native Charny, The Herald's Wellington business edited.

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