More negative swap rates and bond yields to come

Thu, 10 Sep 2020

The New Zealand 2023 government bond yield and shorter-end swap rates dipped into negative territory for the first time yesterday but it isn’t over yet. While interest rates get pushed around by global forces, the main driver is a growing tide of certainty that NZ's Reserve Bank will cut the official cash rate into negative territory next year. The move comes as “more traders get convinced that the RBNZ is determined to take the official cash rate negative,” said BNZ senior strategist Jason Wong. The central bank has repeatedly said ne...

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