Just as Tāne Mahuta is part of the forest and the guardian – kaitiaki – of that forest, the Reserve Bank is both a part of the financial ecosystem and kaitiaki. As such, our engagement with participants in New Zealand’s financial markets has been crucial for us to assess and design how we have used our balance sheet and designed new facilities.
We will not be able to call so much on an increasing share of world saving to finance our spending, and that spending will need to match our production much more closely. At the Federal Reserve we will continue to work to foster a full employment level of production, one as high as the economy can generate on a sustainable, noninflationary basis.