BOC WILL BE CONSDIERING FURTHER RATE CUTS

BOC DOESN'T SEE A RECESSION, RATHER SLOW GROWTH

BOC SAYS WEAKER CAD DRIVEN BY USD STRENGTH

MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

US EIA: CRUDE OIL STOCKS EX SPR -1.42M TO 422.0M DEC 06 WK

BOC CUTS RATE 50BPS TO 3.25%, SEES GRADUAL APPROACH FROM HERE

MNI: US NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

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 RBNZ Review-Oct 2024: Another 50Bp Likely In November

Central Bank ReviewAPACRBNZ - ReviewNew ZealandCentral Bank ReportsGlobalStoryRegionMarkets

MNI (SYDNEY) - EXECUTIVE SUMMARY: 

  • The RBNZ increased its pace of easing by cutting the OCR 50bp to 4.75% yesterday, as expected, after starting the easing cycle with 25bp in August. The MPC felt that “restraint” could be lessened as inflation is “within” the 1-3% target range and approaching the mid-point. 
  • The next RBNZ decision is on November 27 and then there isn’t a meeting until February 19. There are already expectations for another 50bp cut next month and there was nothing in today’s statement to temper that view. 
  • Thus, it looks like they will ease by this size again especially given the close to two month gap before the next meeting and that rates are still well above neutral. 

FOR THE FULL PUBLICATION PLEASE USE THE FOLLOWING LINK:MNI RBNZ Review - October 2024.pdf

134 words

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.

MNI (SYDNEY) - EXECUTIVE SUMMARY: 

  • The RBNZ increased its pace of easing by cutting the OCR 50bp to 4.75% yesterday, as expected, after starting the easing cycle with 25bp in August. The MPC felt that “restraint” could be lessened as inflation is “within” the 1-3% target range and approaching the mid-point. 
  • The next RBNZ decision is on November 27 and then there isn’t a meeting until February 19. There are already expectations for another 50bp cut next month and there was nothing in today’s statement to temper that view. 
  • Thus, it looks like they will ease by this size again especially given the close to two month gap before the next meeting and that rates are still well above neutral. 

FOR THE FULL PUBLICATION PLEASE USE THE FOLLOWING LINK:MNI RBNZ Review - October 2024.pdf