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RBNZ
RBNZ: VIEWS: Bank desk views on today's RBNZ MonPol decision:
- ANZ: Today's neutral statement toed the line of recent RBNZ communications,
with their projections "little changed". The RBNZ stands ready to act should
economic activity disappoint. All eyes will be on the degree of economic
momentum into the end of the year.
- ASB: The RBNZ remains cautious about the domestic growth outlook, noted risks
from trade tensions. We still expect eventual OCR increases from early 2020;
near-term risks skewed to a cut.
- BNZ: All up, we thought today's OCR missive was a balanced and well-considered
one - arguably the best one so far from Adrian Orr, in terms of clarity. It
gives a good template from which to work alternate views.
- Westpac: The RBNZ has not changed its view despite a raft of stronger economic
data recently. It will take a lot to deter the RBNZ from its soft easing bias,
which has more to do with the change of Governor and new mandate than economic
conditions. This was all very much in line with expectations. We still put the
odds of an OCR cut over the coming year at one in three.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com