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RBNZ Dated OIS Priced For Less Than One 25bp Cut By Year-End

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RBNZ dated OIS pricing is little changed today but 22-28bps firmer for meetings beyond October compared to levels before last week’s RBNZ Decision. At that policy meeting, the RBNZ said it expected to keep monetary policy tight for longer due to domestic inflation pressures.

  • The projected terminal OCR is around 5.50%, with a cumulative easing expected by year-end at 20bps. It was around 45bps before 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 pricing is little changed today but 22-28bps firmer for meetings beyond October compared to levels before last week’s RBNZ Decision. At that policy meeting, the RBNZ said it expected to keep monetary policy tight for longer due to domestic inflation pressures.

  • The projected terminal OCR is around 5.50%, with a cumulative easing expected by year-end at 20bps. It was around 45bps before 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