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RBNZ

ANZ note that "he RBNZ today left the OCR unchanged "for now" at 0.25% "given the heightened uncertainty", while stressing that "the least regrets policy stance is to further reduce the level of monetary stimulus" – i.e. if we get out of this quickly, game on."

  • "The published OCR track implies two hikes by year-end, but it is only relevant if COVID-19 is eliminated quickly. The forecast OCR was considerably more aggressive, reaching 2.14% by September 2024."
  • "We have tweaked our OCR forecast timings to reflect the slower kick-off. We now expect hikes in October, November, February, May, and August next year, taking the OCR to 1.5% as before. However, our forecasts are also highly conditional on successful elimination of this outbreak."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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