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RBNZ Dated OIS Has Shunted Firmer Since The RBNZ Decision

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RBNZ dated OIS has continued to firm with pricing being 7-12bps firmer for meetings beyond October. This comes after the central bank said yesterday that it expected to keep monetary policy tight for longer due to domestic inflation pressures.

  • Additionally, these meetings are now 18-23bps firmer compared to levels before the RBNZ Decision.
  • The projected terminal OCR remains around 5.50%, but the cumulative easing expected by year-end has reduced to 23bps from 45bps before yesterday’s RBNZ Decision.
  • For context, it's noteworthy that in late December, the market had anticipated over 100bps of easing by year-end, driven by expectations of a terminal OCR of 5.53%.


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RBNZ dated OIS has continued to firm with pricing being 7-12bps firmer for meetings beyond October. This comes after the central bank said yesterday that it expected to keep monetary policy tight for longer due to domestic inflation pressures.

  • Additionally, these meetings are now 18-23bps firmer compared to levels before the RBNZ Decision.
  • The projected terminal OCR remains around 5.50%, but the cumulative easing expected by year-end has reduced to 23bps from 45bps before yesterday’s RBNZ Decision.
  • For context, it's noteworthy that in late December, the market had anticipated over 100bps of easing by year-end, driven by expectations of a terminal OCR of 5.53%.


Keep reading...Show less