RBNZ's Wheeler complains to bank CEO about economic commentary - BBG

The Reserve Bank of New Zealand Chief Graeme Wheeler, complained to the Bank of New Zealand (BNZ) Chief Executive Officer (CEO) Anthony Heal, in a letter dated May 11.

The complaint was regarding the BNZ’s Markets Outlook note of May 8 that Wheeler said “appeared to bring into question the integrity of the Reserve Bank.” 

Wheeler noted: “I would like you to be aware of our serious concerns about the inappropriateness of the language used in the document and would ask that you bring it to the attention of those responsible for the editorial quality and legal sign off.” 

In the May 8 preview of the Reserve Bank’s last interest-rate decision, the BNZ said it would be “negligent” of the central bank not to admit to a tightening bias through an explicit expression of rate increases in its forecasts, Bloomberg reports.