Confirmation bias, not sure of the author and appreciate it is not the RBNZ but they are following the same path.

https://www.zerohedge.com/markets/tw...bubbles-part-2

Asset price inflation = Financial stability
Consumer Price Inflation = Inflation

I didn't appreciate the difference until reading this. That could be why inflation is so hard for me to understand.

I now feel like a fool complaining that the RBNZ was not doing its job on price stability letting house prices go ballistic.

I went back to the RBNZ website this morning to refresh myself on their mandate which used to be;

"The Reserve Bank manages monetary policy to maintain price stability, promotes the maintenance of a sound and efficient financial system, and supplies New Zealand banknotes and coins."

But it has changed with the rebranding. Now it is.

"Toitū te Ōhanga, Toitū te Oranga. We enable economic wellbeing and prosperity for all New Zealanders."

I thought maybe Adrian Orr thought he had become an omnipotent god like creature but this is actually "the purpose" in the Reserve Bank Act 1989. I did not realise just how amazing and powerful the central bank is.

When they say "all NZers" do they just mean NZers with assets?? Otherwise I don't think they are achieving their mandate unless they believe in trickle down economics. Is growing wealth inequality a sign of too little trickle down economics or too much?? I am not sure although I am leaning toward too much.