The Reserve Bank of New Zealand has issued a dovish quarterly Monetary Policy Statement that economists said meant it could keep the Official Cash Rate on hold until June next year.The central bank held the OCR at 3.5 per cent, as expected, but lowered its forecast track for short-term interest rates by around 50 basis points because of slower than expected house price inflation and only modest inflationary pressures.The Reserve Bank said stronger-than-expected net migration in recent months appeared not to be flowing through into higher house price inflation and domestic demand as much as previously forecast.It said the relatively high number of student migrants on temporary work visas and fewer New Zealanders leaving for Australia meant there had not been as much demand for housing as seen with similar net migration levels in the past."These groups may demand less housing than permanent arrivals or those with families," the bank said in the statement, adding that the migration had also dampened wage inflation in the construction sector.It said its 100 basis points of tightening between March and July and its high loan to value ratio "speed limit" imposed in October last year were having the desired effect in slowing growth to a more sustainable speed closer to potential output. A high New Zealand dollar and sharp falls in dairy and log prices were also restraining growth pressures on inflation. The bank forecast GDP growth in calendar 2014 of 3.7 per cent, which was above potential output growth of 2.8 per cent. However, the Reserve Bank warned it still expected to have to eventually raise the OCR back towards a more neutral level of around 4.5 per cent to keep inflation around its target level of two per cent.Economists said the Reserve Bank was likely to pause until March 2015 at the earliest and possibly as late as June before hiking again. Westpac changed its forecast for the next rate hike to June from January and ANZ said a June hike was possible if the New Zealand dollar did not fall as expected. BNZ and ASB held their views that the next hike would be in March.The relative strength of the New Zealand dollar this year despite a 12 per cent fall in commodity prices was also a factor in the modest inflation pressures evident in the monetary policy statement.Governor Graeme Wheeler again noted the New Zealand dollar had yet to adjust to the fall in commodity prices."Its current level remains unjustified and unsustainable," Wheeler said, repeating his warning from the bank's July 24 decision, which sparked speculation the Reserve Bank could intervene."We expect a further significant depreciation, which should be reinforced as monetary policy in the US begins to normalise," Wheeler said.He declined comment on whether the Reserve Bank had already intervened or would intervene.The New Zealand dollar fell around half a cent to 81.9 US c after the statement.