Westpac Bank no longer expects a February rate hike

(Image: NZME)

Fri, 15 Dec 2023

Westpac Bank no longer expects the Reserve Bank of New Zealand to lift the official cash rate in 2024.Westpac had been forecasting one more increase, but chief economist Kelly Eckhold said: “The case for a hike in February now looks too thin."Eckhold added that Thursday’s gross domestic product data told the bank that the economy was in "a much weaker position" than it or the Reserve Bank of NZ (RBNZ) thought "even a few weeks ago”.The RBNZ kept the official cash rate (OCR) on hold at 5.5% in November but t...

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