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STIR
RBNZ dated OIS pricing closed 1-7 bps firmer across meetings today.
- The market is now anticipating 32 bps of easing at the next meeting, with a total of 73 bps expected by November.
- This is a shift from August 16, when the market was pricing in 39 bps of easing by October and 82 bps cumulatively by November.
- Looking further ahead, mid-2025 meetings still price in around 175 bps of easing, though this is about 20 bps less than in mid-August.
Figure 1: RBNZ Dated OIS Post-RBNZ Versus Pre-RBNZ Levels (%)
Source: MNI – Market News / Bloomberg
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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