Goldman Sachs calling for 3 more RBNZ cuts this year

Goldman Sachs economist Tim Toohey (head of Macro Research in Australia and New Zealand):

• Now expecting three more Reserve Bank of New Zealand cuts this year
• In July, September and December
• Follows the weak Q1 GDP data released yesterday
• "The weaker economic momentum and the challenges to maintaining economic growth in the outlook period will give the RBNZ encouragement to expedite and deepen its plans for additional monetary easing given the starting point of headline inflation near zero"