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New Zealand Economic Update: April 2026
Since our last update (published March 23rd) the Reserve Bank of New Zealand held a policy rate meeting where they opted to keep the Official Cash Rate unchanged at 2.25%. This was in line with our own forecast and with market expectations. At that meeting, the RBNZ took the unusual step of publishing updated inflation forecasts, which they usually only do at meetings where a full Monetary Policy Statement is released (February, May, August and November meetings). The RBNZ has upgraded its inflation forecasts per the below: table The RBNZ noted in March that they will be taking an orthodox approach to the Iran war ... (full story)
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Overall economic activity increased at a slight to modest pace in eight of the twelve Federal Reserve Districts, while two Districts reported little change and two Districts reported slight to modest declines. The conflict in the Middle East was cited as a major source of uncertainty that complicated decision-making around hiring, pricing, and capital investment, with many firms adopting a wait-and-see posture. Manufacturing activity rose slightly to moderately in most Districts. Banking sector activity was generally steady with loan demand stable to up moderately. On balance, consumer spending increased slightly despite harsh winter weather in some regions and higher fuel prices. Many Districts continued to report signs of consumer financial strain, increased price sensitivity, and rising demand at food banks and other social service organizations, while spending among higher-income consumers was resilient. Housing market activity softened across several Districts as heightened uncertainty and rising mortgage rates dampened buyer demand. Commercial real estate markets improved, with strength in industrial properties, especially data center projects. Office markets saw solid demand for Class A space but weaker demand for lower-tier properties. Energy activity was up slightly as oil prices rose, though many producers remained cautious about increasing drilling due to uncertainty about the persistence of higher prices. Agricultural activity was mixed, and several Districts reported that rising crop prices helped offset steep price increases of fertilizer and fuel. Business outlooks varied amid widespread uncertainty about future conditions. FED BEIGE BOOK (DATA THRU APR 6): ECONOMIC ACTIVITY GREW AT SLIGHT TO MODEST PACE IN 8 OF 12 FED DISTRICTS; 2 FLAT, 2 REPORTED SLIGHT TO MODEST DECLINES FED BEIGE BOOK: BUSINESS OUTLOOKS MIXED AMID WIDESPREAD UNCERTAINTY; WAGES CONTINUED TO RISE ...
At the monetary policy assessment of 17 and 18 March 2026, the Governing Board of the Swiss National Bank decided to leave the SNB policy rate unchanged at 0%. The SNB communicated its monetary policy decision to the public on 19 March 2026. The decision was preceded by an analysis and discussion of the monetary policy conditions and the economic ...
As the real value of money steadily erodes and currencies lose purchasing power under mounting inflation pressures, hedging has become essential. While gold has traditionally dominated the safe-haven narrative, oil is increasingly emerging as the market’s most direct and influential inflation-linked asset. Unlike gold, which reacts to fear and uncertainty, ...
