Reserve Bank of New Zealand Shadow Board recommends 25bp interest rate cut this week

May 25, 2025
-FXnews

The New Zealand Institute of Economic Research (NZIER) runs a ‘shadow board’ of analysts.

The Shadow Board is independent of the RBNZ and does not represent what the RBNZ is going to do but rather what their view is that the RBNZ should do. That is, the Shadows do not preview what they think will happen, but what they think should happen.

From their recommendation for this week’s policy meeting:

The NZIER Monetary Policy Shadow Board recommends that the Reserve Bank of New Zealand (RBNZ) should cut the OCR in the upcoming May Monetary Policy Statement, with almost half of the Shadow Board members recommending a 25 basis-point OCR cut.
One member recommended a 50 basis-point cut, believing that the New Zealand economy needs more stimulus.
In contrast, several members recommended that the RBNZ keep the OCR unchanged in May

Reserve Bank of New Zealand Shadow Board recommends 25bp interest rate cut this week

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