The Reserve Bank of New Zealand statement is due at 2pm New Zealand time today, Wednesday, 10 July 2024.

  • which is is 0200 GMT on the 10th
  • and 2200 US Eastern time on the 9th

Earlier previews are here, no change to the cash rate is expected:

Snippet from what BNZ is expecting:

  • market looks positioned for a more dovish message than provided in May
  • no rate change is expected today
  • some 8bps of easing is pricing into the August meeting
  • Fair to say that some in the market will be expecting to hear more dovish commentary from the Bank
  • There will be keen interest in how much the Bank acknowledges the poor state of the economy ... and whether this leads the Bank to back away from its threat in May to raise interest rates further. We still find it remarkable that the MPC actually discussed the possibility of increasing the OCR back in May!
  • Statement ... unlikely to read as dovish as the market wants (it) to read, with the overall message likely to remain one of monetary constraint being required to drive inflation back down to target.


It's a 'lite' one from the RBNZ today:

rbnz July 2024 10 July 2024 2