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RBNZ: Did Next Best Thing By Signaling 50bp Cut In Feb - Hawkesby

RBNZ
Central Bank NewsRBNZAPACNew ZealandBulletMarketsFixed Income BulletsForeign Exchange Bullets
  • RBNZ Dep Gov Hawkesby has told the WSJ that the central bank did not consider cutting the official cash rate by 75bps this week but it did the next best thing by signaling a high probability of more sizeable cuts from February.
  • "The statement this week gives one of the clearest signals around the next meeting that we've put out for some time, such that when we meet in February, the question will be 'why not 50 basis points,'" Hawkesby said in an interview with The Wall Street Journal.
  • See the full WSJ piece here.
  • For further context, see MNI’s interview with RBNZ Chief Economist Conway from earlier today, which noted willingness to cut harder if needed amidst conditional projections, here.
  • OIS currently prices a little over 40bp of cuts for the February meeting.
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  • RBNZ Dep Gov Hawkesby has told the WSJ that the central bank did not consider cutting the official cash rate by 75bps this week but it did the next best thing by signaling a high probability of more sizeable cuts from February.
  • "The statement this week gives one of the clearest signals around the next meeting that we've put out for some time, such that when we meet in February, the question will be 'why not 50 basis points,'" Hawkesby said in an interview with The Wall Street Journal.
  • See the full WSJ piece here.
  • For further context, see MNI’s interview with RBNZ Chief Economist Conway from earlier today, which noted willingness to cut harder if needed amidst conditional projections, here.
  • OIS currently prices a little over 40bp of cuts for the February meeting.