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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.
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Free AccessMNI RBNZ Review – October 2023: Extended Pause Rather Than Hike
- The RBNZ left rates at 5.5% at its October meeting where it has been since the last hike in May, and it reiterated its high-for-longer stance but didn’t imply that there may be more tightening. The NZ outlook “remained similar” to the last meeting. The statement suggests that while there may some near-term changes to the bank’s expectations, its focus, the medium-term, is unaltered.
- There was a tweak to the end of the statement saying that policy needs to remain restrictive for “a more sustained period of time” rather than “the foreseeable future”. This may be implying that rather than increase rates further, policy may stay tight for longer than is currently projected. Key data are released before the next meeting, including Q3 CPI & inflation expectations and employment/wages. The November 29 meeting will also include revised forecasts.
- At 5.76%, the market still has a 25bp hike priced by April 2024. Prior to the RBNZ decision, a 25bp hike had been fully priced by February 2024.
- See full review here.
To read the full story
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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.