New Zealand central bank governor Adrian Orr said it’s not yet clear whether an interest-rate cut is warranted in May.

“It is a really mixed picture, it’s just hard,” Orr said. Referring to speculation that the bank could act as soon as May, Orr said: “I don’t know yet,” adding that the bank will continue to evaluate incoming data.

Orr last month said the next move in rates was more likely to be down, prompting investors to quickly price in a cut by August.

“It would be much easier if everything was aligned in one direction,” Orr said. “But with terms of trade at record highs and capacity constraints everywhere, you’re kinda going is it really the environment to be cutting? Likewise on the other side, with inflation below” target “and global economic growth slowing. So you’ve just got to get the weightings right.”