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STIR: Q3 CPI Pushes Expected NZ OCR Further Below AU’s

STIR

RBNZ-dated OIS pricing closed 2-5bps lower following today’s CPI data, and 5-9bps softer across meetings on the day. 

  • The market is pricing in 58bps of easing for the November meeting, with a cumulative 99bps by February and 161bps by July.
  • Relative to Australia, New Zealand's official rate is projected to be 60bps lower by July, despite currently sitting 43bps above Australia's cash rate.

 

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RBNZ-dated OIS pricing closed 2-5bps lower following today’s CPI data, and 5-9bps softer across meetings on the day. 

  • The market is pricing in 58bps of easing for the November meeting, with a cumulative 99bps by February and 161bps by July.
  • Relative to Australia, New Zealand's official rate is projected to be 60bps lower by July, despite currently sitting 43bps above Australia's cash rate.

 

Keep reading...Show less