The Reserve Bank of New Zealand decision today was a surprise:
- NZD jumps on the 'on hold' RBNZ interest rate decision
- RBNZ leave cash rate on hold - summary of statement
- RBNZ Gov. Orr: On hold decision was unanimous
- More from RBNZ Gov Orr - monetary policy is effective, see impacts coming through
ANZ now:
- expect the RBNZ to cut rates again in May and August next year (ANZ were previously at today for a cut, 2 in 2020)
- say risk to forecast is for earlier and or more than 2 cuts
Citing:
- they expect the RBNZ to be disappointed on economic growth
- RBNZ has made a meaningful revision lower heir estimate of the economy's 'speed limit' - makes future aggressive action less likely