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RBNZ OCR review to come and go without any ruffles – NAB

Analysts at National Australia Bank (NAB) offer a sneak peek at what to expect from Thursday’s Reserve Bank of New Zealand (RBNZ) interest rate decision due at 2100 GMT.

Key Quotes:

“Thursday’s RBNZ OCR Review “¦ expected to come and go without any ruffles.

It would appear to take a lot to budge the Reserve Bank from its on-hold mentality. Its opening line from May’s Monetary Policy Statement that “The Official Cash Rate will remain at 1.75 percent for some time to come” is as clear as you can get.  

But, as they say, time will tell.  

GDP might have undershot the Bank’s forecasts, but the CPI still looks likely to beat them (in our view, at least). Also bear in mind that the RBNZ might be less inclined to simply edit the prior policy summary page, instead fashioning each new one from the ground up.  

So be careful not to over-read what might be added to, and dropped from, the front page text compared to May’s MPS.”

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