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VIEW: ANZ: Take That

RBNZ

ANZ write “We continue to expect a 25bp hike at the May Monetary Policy Statement, and accordingly have revised up our forecast peak for the OCR to 5.50%. We’ve also pencilled in three cuts for late 2024.”

  • “The RBNZ has revised up its estimate of the inflationary impact of the cyclone rebuild. It also discussed upside risks to the fiscal outlook. And thirdly, the RBNZ clearly does not want to see any fall in lending rates, and judged a 50bp hike as the best way to prevent that happening.”
  • “The RBNZ and the RBA (who paused yesterday) continue to choose startlingly different paths in the face of very similar inflation numbers.”
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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