Following the weak New Zealand CPI, Westpac is out with a bearish call on New Zealand interest rates:
We now expect the RBNZ to reduce the OCR to 2.0% by the end of this year. This will involve one reduction of 50bp – most likely in September, but possibly as early as next week’s July OCR Review. At the other three meetings, we would expect 25bp reductions in the OCR.
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