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VIEW: Westpac Lift Terminal Rate Call

RBNZ

Westpac write “we have revised up our forecast to a peak of 4.5% for the Official Cash Rate (previously 4%).”

  • “We expect that to be achieved with three more 50 basis point hikes at the October, November and February reviews”
  • “Recent developments point to the risks of stronger and more persistent inflation pressures than we anticipated.“
  • “In particular, we now expect the New Zealand dollar to be lower for longer, adding to the pace of inflation in the year ahead.“
  • “In an already-overheated economy – which is proving to be more resilient in the near term than we thought – the risks of second-round inflation pressures are greater.”
  • “At next week’s review, we expect the RBNZ to repeat that the OCR will continue to rise “at pace”, and to signal a higher peak for this cycle.”
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
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