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MNI BRIEF: New Zealand Q2 GDP To Keep RBNZ On Course For 50Bps

MNI (PERTH)
MNI (Perth)

Better-than-expected growth justifies expectations for a terminal rate above 4%.

The Reserve Bank of New Zealand is likely to remain on track for a 50bp hike next month after second-quarter GDP expanded at a better-than-expected 1.7% pace, rebounding from a 0.2% contraction in the first quarter.

The second-quarter print fell just shy of the Bank’s 1.8% forecast in its August Monetary Policy Statement, validating expectations the RBNZ’s terminal rate will settle above 4%. The consensus forecast had been for growth of 1%.

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The Reserve Bank of New Zealand is likely to remain on track for a 50bp hike next month after second-quarter GDP expanded at a better-than-expected 1.7% pace, rebounding from a 0.2% contraction in the first quarter.

The second-quarter print fell just shy of the Bank’s 1.8% forecast in its August Monetary Policy Statement, validating expectations the RBNZ’s terminal rate will settle above 4%. The consensus forecast had been for growth of 1%.

Keep reading...Show less