October 08, 2024 04:57 GMT
STIR: RBNZ Dated OIS Firmer Since Friday
STIR
RBNZ-dated OIS pricing closed 4-20bps firmer across 2025 meetings compared to Friday’s closing levels, with the more distant seeing the greatest movement.
- For Wednesday's RBNZ policy decision, the market is pricing a 74% probability (44bps) of a 50bp rate cut, with expectations of 88bps in total easing by year-end.
- Current year-end pricing is similar to late December levels; however, it's important to note that the OCR is now 25bps lower at 5.25%.
Figure 1: RBNZ Dated OIS Expected End-24 OCR Vs. Current OCR (%)
Source: MNI – Market News / Bloomberg
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