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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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Free AccessVIEW: J.P.Morgan are the outlier in the BBG....>
RBNZ: VIEW: J.P.Morgan are the outlier in the BBG survey ahead of this week's
RBNZ decision. They are the only name among those surveyed looking for a cut in
the OCR. They note that "additional policy moves now come down to squeezing the
last bit of toothpaste out of the tube. Still, in our view choices should be
guided by the principle of doing as much as possible, subject to operational
constraints. We think the choice that makes most sense is an expansion of the
LSAP program, alongside a 15bp cut in the OCR to 0.1%. Some degree of
contradiction in existing guidance is guaranteed no matter what the specifics in
May. But facing a very deep shock where the ELB binds, it is hard to justify
leaving any stone unturned in lowering financing costs across the economy.
Expansion of the LSAPs is the less controversial part, in that RBNZ leadership
has clearly flagged a review of the program size will occur in May.
Conspicuously, this is facilitating and is facilitated by the national budget
the same week, and Governor Orr has suggested in that context he is
"open-minded" on debt monetization. We have expected an expansion from NZ$30bn
(excluding LGFAs) to around NZ$40bn."
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.