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RBNZ
Earlier comments from RBNZ Assistant Governor Hawkesby (covered elsewhere) have resulted in the OIS space unwinding pricing of chances of a 50bp rate hike at the RBNZ's Oct meeting. With a 25bp hike now "perfectly priced."
- The key passage from the speech noted that "the saying "tapuwae kōtuku" translates roughly to "considered steps", as you assess the environment around you. In the world of setting monetary policy, this translates to having confidence in the outlook for the economy, and inching in the right direction based on how the economy is likely to evolve. This is consistent with the observation that when there is a typical amount of uncertainty, and the risks are evenly balanced, then central banks globally tend to follow a smoothed path and keep their policy rate unchanged or move in 25 basis point increments."
Fig. 1: RBNZ Oct '21 OIS
Source: MNI - Market News/Bloomberg
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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