The Reserve Bank of New Zealand OCR announcement will be on 23 September 2020 at 0200 GMT.
It isn't called the cash rate announcement any more ... this from the RBNZ:
- We are changing the name of the "OCR" announcements to "Monetary Policy Review (MPR)" announcements. This reflects the fact that other tools such as forward guidance and LSAP, not just the OCR, are being deployed to achieve the MPC's mandate of low and stable inflation and full employment. The naming of MPS announcements will remain unchanged.
OK, so what can we expect from the OCR, forward guidance, and LSAP next week?
Nothing, no change. That is the widely held consensus view and that seems spot on ahead of the NZ election (October 17).
If there is room for change it'll be to forward guidance, perhaps some nuance here and there. Currently the bank is committing to keeping the cash rate at 0.25% until March, New Zealand's Finance Minister Grant Robertson has reiterated this just today:
There is a chance the Bank might indicate a move lower for the OCR earlier (February). Market pricing is close to a 50/50 bet on this happening.
