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Dominick Stephens, Chief Economist at Westpac, notes that the RBNZ left the OCR unchanged and repeated the key phrases about the OCR  outlook.

Key Quotes

“The RBNZ expects to keep the OCR on hold, but the risks are tilted to the downside.”

“The detail of today’s press release mentioned only downside risks. Although that was more dovish than the August press release, it was in line with other RBNZ communications.”

“The RBNZ has not changed its view despite a raft of stronger economic data recently.”

“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.”