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Decision by the Reserve Bank of New Zealand earlier today.

Read from bottom to top for the time sequence:

Incoming ANZ response, in summary the key points:
  • The tone of the statement was balanced, recognizing the upside risks to inflation but the downside risks to growth.
  • The OCR track released by the RBNZ reaches 2.61% by the end of 2024, about half a percent more than in August, but not as aggressive as it could have been, given the surprises at the starting point.
  • As before, we believe that tighter financial conditions will cool housing and the economy in general smart enough, and that an OCR of 2% by the end of next year will prove in practice enough to bring down inflation.

Note that ANZ’s latest point, while the RBNZ predicted OCR would eventually reach 2.6%, estimates that 2% “will do.”


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