RBNZ: OCR on hold – ANZ

ANZ analysts point out that as universally expected, the RBNZ left the OCR on hold.

Key Quotes

“The door was left open to further cuts but not opened further, with the RBNZ stating that “new information since the August Monetary Policy Statement did not warrant a significant change to the monetary policy outlook”.”

“The RBNZ continue to expect a pick-up in domestic demand over the coming year due to easier monetary conditions and fiscal spending. We are sceptical.”

“We continue to forecast three more 25bp cuts (in November, February and May) taking the OCR to just 0.25%.”