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MNI RBNZ Preview - February 2023: Another 50bp Amid Uncertainty

RBNZ
  • The RBNZ hasn't met since it hiked rates 75bp in November. A step down to 50bp is expected this month given the tentative peaking in inflation and labour market tightness, the housing correction and lacklustre activity indicators. This would bring rates to 4.75% and cumulative tightening to 450bp. The NZD OIS market has 48bp priced in.
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