RBNZ expected to cut another 50bps in November

The market saw the statement as dovish. (Image: Unsplash)

Wed, 09 Oct 2024

The Reserve Bank of New Zealand cut the official cash rate by 50 basis points, and economists expect another 50bps cut in November. The official cash rate (OCR) is now 4.75%.“The committee assesses that annual consumer price inflation is within its 1 to 3% inflation target range and converging on the 2% midpoint,” it said. It expects it to remain there in the medium term. All economists expected the decision. The market had priced in an 89% chance of a 50bps cut. According to the meeting record, the committee dis...

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