The latest from Westpac New Zealand chief economist Dominick Stephens

Says the Bank expected to hold rates steady at the monetary policy meeting next week

  • But a cut in August of 25bps
  • Taking cash rate to new low of 1.25%

Cites:

  • an improvement in economic conditions
  • doubt that there will be sufficient sign of this by August for the RBNZ to hold steady
  • still a great deal of uncertainty, but … odds favour the RBNZ cutting the OCR