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STIR: RBNZ Dated OIS Holding Post-CPI Softening

STIR

RBNZ-dated OIS pricing ended the day flat to 3bps softer, with the April 2025 contract leading the shift. Notably, pricing for 2025 meetings is now 4-12bps softer compared to last week’s levels before the release of Q3 CPI data. 

  • The market is currently pricing in 56bps of easing for the November meeting, with a cumulative 101bps expected by February and 159bps by July.
  • This signals a growing expectation of significant easing by the RBNZ as inflationary pressures appear to be moderating.

 

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RBNZ-dated OIS pricing ended the day flat to 3bps softer, with the April 2025 contract leading the shift. Notably, pricing for 2025 meetings is now 4-12bps softer compared to last week’s levels before the release of Q3 CPI data. 

  • The market is currently pricing in 56bps of easing for the November meeting, with a cumulative 101bps expected by February and 159bps by July.
  • This signals a growing expectation of significant easing by the RBNZ as inflationary pressures appear to be moderating.

 

Keep reading...Show less