RBNZ's Wheeler: A larger cut was not justified

Following are the key quotes, via Reuters, from RBNZ Governor Graeme Wheeler’s press conference, following the rate cut by 25bps:

• Would like to see most of interest rate cut passed on by banks to customers
• Says did not seriously consider 50 bps rate cut
• Has built in 60 basis points of interest rate cuts into its projections
• Not surprised by rise in New Zealand dollar after rate cut
• Says will not comment on intervention in FX market
• Says watching NZD reaction over the next few days
• Would be concerned to see further falls in short term inflation expectations
• Says RBNZ has virtually no influence over tradables inflation
• RBNZ has very limited influence over the exchange rate