Reserve Bank Governor Adrian Orr is facing a tough decision on whether to cut the Official Cash Rate today. 

Financial markets are pricing in a cut, but economists remain divided on whether that should happen. 

Former Finance Minister Steven Joyce says Orr doesn't want to act too quickly and risk having to backtrack if non-tradable inflation continues to remain high. 

But, he told Mike Hosking, neither does he want to act too slowly and see the economy stagnate or decline. 

Joyce says many businesses are struggling and the energy shortage is going to significantly reduce production in the months ahead. 

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