Westpac Bank now expects two hefty cuts this year

RBNZ governor Adrian Orr. (Image: BusinessDesk)

Wed, 02 Oct 2024

Westpac now forecasts two 50 basis point cuts to the official cash rate at the October and November RBNZ policy meetings, taking the OCR to 4.25% at the end of 2024.The OCR is currently at 5.25% and the RBNZ will announce its next policy decision on Oct 9.“The projected step up in the pace of easing in October is a more finely balanced decision – perhaps a 60% probability – whereas the probability of a larger easing in November looks much higher,” said chief economist Kelly Eckhold.A key driver behind this change in view...

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