RBNZ Governor Orr: Inflation and Wage Expectations Need to Decline

The video discusses the increase in inflation rates and the need for higher OCR to control inflation. It highlights global inflation trends, New Zealand's economic resilience, and challenges like labor shortages. The video also covers monetary policy measures, recession expectations, and the impact of wage growth and spending on inflation.

What does the text suggest about the relationship between wage growth and inflation expectations?

How does the committee view the current state of household spending in New Zealand?

What are the expected consequences of reducing spending levels as mentioned in the text?