Westpac bank sees no rate cuts until early 2025

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Thu, 05 Oct 2023

Westpac Bank has taken to heart the Reserve Bank’s message that rates may need to stay higher for longer.On Wednesday, the Reserve Bank of NZ (RBNZ) kept the official cash rate (OCR) on hold at 5.5% and said interest rates “may need to remain at a restrictive level for a more sustained period of time”. Westpac Bank chief economist Kelly Eckhold still expects the RBNZ to increase the cash rate by 25 basis points to 5.75% in November.“... But we now think that the OCR will remain at that level for longer. We now don&...

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