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The great crime out of Adrian Orr's move is you can't trust him.\xa0

A central bank is supposed to get the economy and he and his committee clearly don\u2019t.\xa0

Don\u2019t get me wrong - what he did was the right thing. A lot of people think it was the right thing.\xa0

But he is supposed to land it softly and he crashed it. Having crashed it, he still denied he crashed it until it clearly became so bleeding obvious that he did what he did yesterday.\xa0

The cuts that weren't coming until next year are here now. You only do what he did because you overcooked it in the first place.\xa0

Brad Olsen of Infometrics was wrong, but he was wrong for the right reasons. He said heads should roll and on that he is spot on.\xa0

You don\u2019t run a commentary that says one thing then do another. Their defence will be "things change", but that has always been the Orr weak point. He likes to position himself as some sort of completely removed observer, devoid of any influence in the economy at all.\xa0

"Things have come to a grinding halt? How did that happen?"\xa0

Last time he talked he saw one thing and told us how it was going to play out. He was wrong.\xa0

But to the Olsen point, and indeed my point, was - aren't we supposed to believe him?\xa0

When non-tradeable inflation is 5.4%, is that the same as 0-3%? No, it isn't.\xa0

When unemployment is 4.6% and not 5.5%, has that metric fallen to where it is supposed to have? No, it hasn\u2019t.\xa0

But that doesn\u2019t matter now, apparently.\xa0

"Forget everything I said, I've decided to cut." That's how the Governor plays it.\xa0

The inescapable truth is he cocked it up. He tried to right it, overcorrected, pretended he didn\u2019t until it was too late, the rhetoric didn\u2019t match the reality, and we got to yesterday.\xa0

The result? We'll take it.\xa0

The quality of the journey? Bollocks.\xa0

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