New Zealand Federal Reserve Assistant Chairman Silk: We remain confident that inflation will return to the midpoint of the 2% target in the medium term. We will continue to assess and address risks arising from broader economic conditions to bring inflation management back to this level. Monetary policy has been tight enough to ensure that broader financial conditions support the New Zealand Federal Reserve to meet its inflation target.

New Zealand Federal Reserve Assistant Chairman Silk: We remain confident that inflation will return to the midpoint of the 2% target in the medium term. We will continue to assess and address risks arising from broader economic conditions to bring inflation management back to this level. Monetary policy has been tight enough to ensure that broader financial conditions support the New Zealand Federal Reserve to meet its inflation target.