The Reserve Bank of New Zealand's governor Adrian Orr is crossing the wires and has stated that he doesn't see stagflation as a core risk. 

In other comments, he said ''it's business as usual'' on monetary policy and the central banks have ''no regrets on monetary policy,'' and that he is ''proud of where we are''.

He added that ''being too out of step with others has risks.''

Meanwhile, the kiwi has rallied in the immediate aftermath of the Federal Open Market Committee meeting where the Fed announced a 50bp rate hike and quantitative tightening starting in June. NZD/USD is up some 1.75% on the day.