The Reserve Bank of New Zealand announcement will be at 0200 GMT on Wednesday 23 September 2020.
Earlier previews:
- Preview of the RBNZ monetary policy meeting on Wednesday 22 September 2020
- Preview of the RBNZ monetary policy meeting Wednesday 22 September 2020
- RBNZ monetary policy meeting preview (unchanged expected)
- NZ finmin Robertson says the RBNZ is committed to 0.25% until March 2021
- RBNZ meet this week - preview - Shadow board favour QE over negative OCR
Spoiler alert is that there is little change in policy expected.
Adding these 'key points' ANZ is watching:
- We expect a dovish tone at next Wednesday's Monetary Policy Review, reiterating that a lower OCR and bank "funding for lending" program are next up.
- In our view the RBNZ is unlikely to change its forward guidance that the OCR will be left unchanged until March.
- We also expect the RBNZ to continue its evolution towards a more tactical approach to its weekly LSAP purchases, given recent curve steepening.
And, from RBC:
- the focus will be on any comments about negative rates or changes to asset purchases.
- The RBNZ has previously committed to keeping the OCR unchanged until Q1 2021, with the OIS curve currently pricing RBNZ rates to start turning negative in April 2021.
