In a client note from JP Morgan (via Bloomberg):

  • Says the Reserve Bank of New Zealand won’t increase the cash rate again until Q1 of 2016
  • Says it has reviesed dwon its inflation forecast to reflect falling commodity prices and exchange rate moves, looking for 0.3% inflation for Q1 2015 and below 1% for most of 2015
  • “ … we expect growth to remain robust, the external shock to inflation from oil will make it hard for the RBNZ to hike again this year”

JP Morgan had previously forecast rises in both Q3 and Q4 of 2015