CANADA TO PUBLISH FISCAL UPDATE ON DEC. 16

MNI BRIEF: Inflation Expectations Tick Higher - NY Fed

MNI BRIEF: China Passenger Car Sales Up In November Y/Y

MNI BRIEF: Mexico Inflation Down To 4.55% In November

MNI China Daily Summary: Monday, December 9

MNI BRIEF: China To Strengthen Policy Easing In 2025: Poliburo

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

EZ/UK T-Bill Calendar: Spain, Belgium Auction on Tuesday

MNI:US OCT WHOLESALE INV 0.2%; SALES -0.1%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MNI BRIEF: RBNZ 50bp Hike Odds Firm After Softer Jobs Data

MNI (PERTH)
(MNI) Perth

The Reserve Bank of New Zealand could lean towards a 50bp hike later this month after Q4 labour data showed the tightness in the labour market may have peaked, according to StatsNZ.

While the jobs market remains red-hot, the unemployment rate edged up to 3.4% from 3.3% and the underutilisation rate rose to 9.4% from 9%. However, the Labour Cost Index rose from 3.7% y/y in Q3 to 4.1% y/y - the largest annual increase since the series began in 1992. The labour data comes after a lower-than-expected Q4 inflation print (See MNI BRIEF: RBNZ Inflation Fears Fall Short, 50bp On Radar)

The CPI and labour market data have prompted traders to pare back pricing for a 75bp hike at the February 22 meeting, with 50bp increase to 4.75% seen more likely. Overnight indexed swaps have priced in a hike of 56bp. (See NZGBS: Curve Bull Steepens, RBNZ Terminal OCR Pricing Lower In Wake Of Labour Market Data)

Robert covers RBA and RBNZ policy and the economy for MNI in Australia.
Policy NewsCentral Bank NewsRBNZAPACNew ZealandBriefStoryRegion
Robert covers RBA and RBNZ policy and the economy for MNI in Australia.
Policy NewsCentral Bank NewsRBNZAPACNew ZealandBriefStoryRegion

To read the full story

Close

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.