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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessVIEW: ASB note that "the RBNZ did not rule.....>
RBNZ: VIEW: ASB note that "the RBNZ did not rule out a negative OCR but has
pledged to hold the OCR at 0.25% until early '21, largely on the basis of fin'l
institutions not being operationally ready. If they stick to this timetable the
additional stimulus may come too late. However, work behind the scenes is likely
advancing & the preparations of fin'l institutions in operating in a -ve OCR
regime have stepped up. We are not yet convinced that a -ve OCR would support
the economy via lowering borrowing interest rates. It might actually be harmful
for credit creation, which is the lifeblood of a healthy economy. This is not to
say that a -ve OCR would not be a useful option in future. All policy options
look to be on the table. The RBNZ have a number of tools in the kitbag which
they have already relaxed, including dropping the LVR restrictions on mortgage
borrowing and relaxing the core funding ratio to 50% of bank funding from 75%.
The RBNZ could look at direct intervention into the interest rate swaps market
(to lower wholesale interest rates) or purchasing mortgage-backed securities. We
are not convinced as to the effectiveness of these approaches, but are open to
persuasion."
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.