November 28, 2024 at 11:09PM
The news on this is here:
ANZ now expect the RBNZ to cut by 50bp in February (revised from 25pb cut)
Adding in a few more comments from ANZ:
As expected, the RBNZ delivered another 50bp cut in the OCR to 4.25% at its
November Monetary Policy Statement – a Statement that had something for
everyone, making it difficult to label as either “hawkish” or “dovish” relative to
expectations.
The updated OCR track implies slightly more than even odds of yet another
50bp cut in February (certainly more than the 25bp cut signalled in August),
but at 3.06% the terminal OCR is 8bp higher.
However, while the published OCR track might have been non-committal
about what the 19 February MPS will bring, RBNZ communications
subsequent to its publication have been anything but. Senior figures have
reiterated at every opportunity that a third 50bp cut is the default
expectation, should the data evolve as expected.
This article was written by Eamonn Sheridan at www.forexlive.com.
