The New Zealand Institute of Economic Research runs a "Shadow Board" made up of private sector and academic analysts.
- says that the Reserve Bank of New Zealand should raise the official cash rate (OCR) by another 50 basis points to 3.50 percent at the upcoming October meeting
- Only one member does not recommend such a large increase due to concerns about business and consumer confidence and the increasing cost of finance
- Shadow Board members highlighted that domestic constraints, particularly labour, are keeping inflation high.
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Earlier previews:
- RBNZ's Orr said still some work to do but tightening cycle already very mature
- 24 economists expect the RBNZ to raise EOY rate to 4% (was 3.5% in August)
- Oh what a week in the forex markets! It is time to prepare for the new week.Are you ready?
- Newsquawk week ahead preview: US ISM, RBNZ, RBA, OPEC+, US and Canadian jobs reports
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The RBNZ meet on Wednesday the 5th October. A 50bp rate hike is widely expected.
