Sharon Zollner, chief economist at ANZ, suggests that they have changed their OCR call for RBNZ and are now forecasting a 25bp cut in the Official Cash Rate in November 2019, with a further 50bps of cuts to come over 2020, taking the OCR to 1.0%.
Key Quotes
“There are multiple drivers of this changed call but in short they come down to a weaker outlook for medium-term inflation, risks around global growth and liquidity, and the proposed capital changes for banks. Our view of the New Zealand growth outlook has not materially changed.”
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