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STIR: RBNZ Dated OIS Pricing Firmer Than Early Feb Levels Ahead Of RBNZ Decision

STIR
BulletMarketsFixed Income Bullets

RBNZ dated OIS pricing is slightly softer across meetings today, ahead of the RBNZ Policy Decision tomorrow.

  • The RBNZ decision is widely expected to cut rates 50bp again to 3.75%. Revised staff forecasts will also be published with the decision at 1200 AEDT/1400 NZDT and Governor Orr’s press conference taking place at 1300 AEDT/1500 NZDT.
  • All 22 analysts surveyed by Bloomberg are forecasting a 50bp rate cut and the RBNZ shadow board is recommending 50bp of easing.
  • Notably, OIS pricing is 2–17bps firmer than pre-Q4 Labour Market data levels from February 4.
  • Nevertheless, 49bps of easing is priced for Wednesday, with a cumulative 112bps by November 2025.

 

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RBNZ dated OIS pricing is slightly softer across meetings today, ahead of the RBNZ Policy Decision tomorrow.

  • The RBNZ decision is widely expected to cut rates 50bp again to 3.75%. Revised staff forecasts will also be published with the decision at 1200 AEDT/1400 NZDT and Governor Orr’s press conference taking place at 1300 AEDT/1500 NZDT.
  • All 22 analysts surveyed by Bloomberg are forecasting a 50bp rate cut and the RBNZ shadow board is recommending 50bp of easing.
  • Notably, OIS pricing is 2–17bps firmer than pre-Q4 Labour Market data levels from February 4.
  • Nevertheless, 49bps of easing is priced for Wednesday, with a cumulative 112bps by November 2025.

 

Keep reading...Show less