Professor Robert MacCulloch: Here's Proof that Governor Orr Mislead Parliament's Finance & Expenditure Committee about the OCR Cut.

Yesterday there was a commotion about the unexpected cut in interest rates by the Reserve Bank. It marked a departure from the Bank’s statements a few months ago in May, when it raised the possibility of further hikes. Infometrics Chief Brad Olsen had previously said “heads should roll” if a cut happened this week, given the economy had progressed much as the Reserve Bank was expecting when it forecast no cut until 2025. So when a cut was delivered this week, Olsen accused the Bank of the ‘biggest flip-flop ever’.