February 03, 2025 03:02 GMT
STIR: RBNZ Dated OIS Pushes Further Below Pre-Q4 CPI Levels
STIR
RBNZ-dated OIS pricing is flat to 5bps softer across meetings today, marking a decline of 4-6bps compared to pre-Q4 CPI levels on 22 January.
- The RBNZ’s sector factor model estimate of Q4 core inflation eased 0.2pp to 3.1% y/y, close to the top of the 1-3% target band. Q3 was revised down 0.1pp to 3.3%.
- 49bps of easing is priced for February, with a cumulative 126bps by November 2025.
Figure 1: RBNZ Dated OIS Today vs. Pre-CPI (%)
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Source: MNI – Market News / Bloomberg
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