The Reserve Bank of New Zealand (RBNZ) held its benchmark, official cash rate at the historic low of 1.75%. Here's a summary from forexlive.com:Major challenges remain with on-going surplus capacity and extensive political uncertaintyCore inflation and long-term bond yields remain lowMonetary policy is expected to remain stimulatory in the advanced economies, but less so going forwardThe trade-weighted exchange rate has increased by around 3 percent since May, partly in response to higher export prices. A lower New Zealand dollar would help rebalance the growth outlook towards the tradables sector.Growth outlook remains positive, supported by accommodative monetary policy, strong population growth, and high terms of trade ... Recent changes announced in Budget 2017 should support the outlook for growthThe increase in headline inflation in the March quarter ... effects are temporary ... will bring future headline inflation to the midpoint of the target band over the medium term.Monetary policy will remain accommodative for a considerable period.It looks like growth and inflation are moving into the right direction that would eventually allow the RBNZ to increase rates. In this expected cautious decision statement, the bank seemed optimistic. However, the rate hike scenario looks to be in the distant future (at least not in 2017).