ANZ in New Zealand are also calling for RBNZ rate hikes sooner

New Zealand ANZ economists responding today to the strong quarterly business survey:

• New Zealand QSBO for Q2 2021, business confidence headline 7% (vs. -13% prior)

A bank in NZ have already shifted their forecast for the RBNZ much sooner:

• NZ bank ASB forecasts the RBNZ hiking its cash rate in November this year

Last week ANZ already foreshadowed their call rates would go up soon:

• ANZ warn the biggest regret the RBNZ may have is waiting too long to hike

And now, in response to the QSBO survey analysts at ANZ in NZ are saying rate hikes

• are on the horizon – we’ve pencilled in February 2022, but risks are pointing towards sooner rather than later.

Bolding mine.

ANZ cite:

• the economy is in a very strong cyclical position
• strength of domestic demand
• capacity pressures in the economy have only continued to increase
• strong demand runs into supply constraints
• labour market ... we think it's well on the way to maximum sustainable employment
• firms are finally starting to pass on higher costs to consumers
• These developments are important for the monetary policy outlook - it's easy to look at supply disruptions and say that these are persistent, but not permanent, sources of inflation pressure. But with the labour market tightening and firms starting to pass on cost increases to consumers (a significant behavioural change), that speaks to a more sustained source of underlying inflationary pressure that will require a tightening in monetary policy, and sooner rather than later.

ASB were quick to call a rate hike from the RBNZ this year, its only going to be a matter of time before other bank analysts do the same.