A couple of analyst remarks following the Reserve Bank of New Zealand earlier

ANZ:

  • RBNZ has time on its side
  • Was only slightly more dovish in their MPS
  • We expect they'll move further in that direction as the year progresses and growth undershoots their projections
  • We continue to forecast an OCR cut by year end

Westpac:

  • MPS wasn't as dovish as markets had expected
  • barest of tweaks to the guidance paragraph and the OCR forecast
  • Reactions seem excessive
  • Market pricing back to 50% chance of a cut by year end (from 85%)

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