The Reserve Bank’s job is not to keep people guessing

OPINION: To the average Kiwi, Graeme Wheeler may seem far from exciting, but the Reserve Bank governor is becoming increasingly unpredictable.

While this will make Thursday’s review of the official cash rate – the benchmark rate which determines the returns on bank deposits and the cost of getting a mortgage – more interesting, it is not meant to be that way.

Back in 2000, former Bank of England governor Mervyn King famously said “a successful central bank should be boring”.

Like a good referee, by the time reaches decision day, the decision itself should not really be the news. Speeches and comments in the lead-up should guide the market ahead of time.

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Reserve Bank governor Graeme Wheeler took charge of the bank in 2012