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Analysts at Westpac expect the RBNZ will leave the OCR on hold at 1.75% at its November meeting.

Key Quotes

“As activity and inflation developments have been stronger than the RBNZ expected, the accompanying policy statement will be at least a little more hawkish than the August missive (though any change will be minor and will be confined to the details of the document).”

“We expect the RBNZ to stick to the same broad monetary policy outlook, including restating the all-important phrase that the next move in the OCR could be “up or down” and that it “intends to keep the OCR at an expansionary level for a considerable period.”

“The RBNZ’s August OCR forecast was flat at 1.8%, before starting to rise in September 2020. That putative date for OCR rises could be brought forward by one or two quarters.”