There's expected to be 'nothing to see here' when the Reserve Bank makes its Official Cash Rate announcement today.

It will also be giving a Monetary Policy Statement.

Westpac chief economist Dominick Stephens told Mike Hosking he's not expecting the central bank to change much today.

He says it will conclude monetary policy settings are about right at the moment, and leave things on hold.

Stephens is expecting them to start winding back the quantitative easing programme later in the year, but not today.

“There's a bit of inflation at the moment but that's mainly due to goods stuck at the wharf.

“It’ll be a short term spike and thinks the Reserve Bank will agree that inflation's likely to drop over the next two years.”

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