Greg had the headline remarks from Reserve Bank of New Zealand Governor Orr earlier:RBNZ Gov. Orr: Inflation remains too high.Orr was speaking to a committee of the NZ parliament. He addressed the very weak Q3 GDP, which showed contraction for the economy:New Zealand Q3 GDP -0.3% q/q (vs. +0.2% expected)He said that the surprisingly weak data was a "complex situation", and the Bank will have plenty to consider before the next interest rate decision:employment data will weigh into their decisioninterest rates continue to constraint spendingthe RBNZ remains wary of inflationary surprises "There's still a long way to go, particularly with the level of core inflation, or homegrown inflation,
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