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RBNZ
RBNZ: VIEW: ANZ write "the growth and inflation outlook continues to
deteriorate. We now expect 25bp OCR cuts in November, February and May, taking
the OCR to 0.25%. We would not rule out another cut as soon as September, but it
is not our central view. The forecast 25bp May cut is a placeholder for the
impact of the RBNZ's bank capital proposals, the details of which are as yet
unknown."

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