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VIEW: TD Securities Tweak RBNZ Call

RBNZ

TD Securities note that they amend their "Official Cash Rate (OCR) forecast profile in light of developments since the RBNZ's August MPS. We now expect 25bps hikes at the Oct '21 and Nov '21 meetings, taking the year-end OCR to 0.75% (prior forecast was for only 1 hike in Nov to 0.5%). For '22, we now expect the Bank to hike in Feb, Aug and Oct to take the OCR to 1.50%. Our prior forecast was for the OCR to hit 1.50% in Aug. A slight delay in hiking to 1.50% is consistent with a more measured RBNZ message. The OCR has mostly remained below the RBNZ's average neutral cash rate estimate since 2008."

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income BulletsForeign Exchange BulletsHomepage

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