From the Bank of New Zealand:

  • Had expected the RBNZ to hike to 4% during 2016
  • Say that current 3.5% is "below commonly understood levels of neutrality"
  • Say that there are "more valid scenarios for the cash rate for the foreseeable future have clearly shifted to the downside"
  • Don't expect an RBNZ cut in the next two months, but beyond that is open to debate