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MNI RBNZ Preview - November 2021: Going For Another Hike

EXECUTIVE SUMMARY

  • New Zealand's data have continued to surprise on the upside lately, with mounting inflationary pressure playing out against the backdrop of a remarkably tight labour market.
  • The RBNZ are widely expected to deliver another OCR hike this week. Most see a 25bp increase as most likely and we concur, albeit a 50-pointer is on the table.
  • We expect the Committee to revise their outdated economic forecasts and lift the OCR track, signalling predilection for a more aggressive tightening path.

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