The New Zealand Institute of Economic Research (NZIER) gather recommendations from analysts in NZ that make up the 'Shadow Board'.
Note, the Board does not issue a prediction, its a recommendation:
- to indicate what they believe is the most appropriate Official Cash Rate setting for the economy
- Participants show where they think interest rates should be, not what they believe will happen
- there was a stronger easing bias amongst the NZIER Shadow Board, relative to June
- The majority of the NZIER Shadow Board still believes it is appropriate to leave the OCR on hold at this meeting
As a heads up, the RBNZ announcement is due on Wednesday August 7 at 0200GMT
- The consensus expectation is for a 25bp rate cut