Santa arrived early this year in the shape of Allan Bollard, Chairman of the NZ Reserve Bank, as he reduced the OCR by 1.5% a few minutes ago. His timing is bang on.
Later today, the BOP ICT Cluster Steering Group is hosting its annual Xmas drinks party. I will be there.
The rate cut though says a lot about the state of the world economy. And the weather. Confused? If you are reading this in the UK or the US, let me explain. The NIWA summer forecast for NZ is for below average rainfall and above average temperatures. This means a drought could be on the way. Not great when your major exporters are agricultural based.
So for those Northern hemisphere readers, I strongly recommend NZ spring lamb for your New Year festivities. Santa this year will come in many forms.
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