A quick round up of further responses to the Reserve Bank of New Zealand yesterday
Earlier:
Yesterday:
- RBNZ leave rates on hold, as expected
- RBNZ responses coming in - dovish but not as dovish as expected
- ASB reaction to RBNZ keeping rates on hold
And, ICYMI (buried in the wrap was the BNZ response)
- BNZ have revised their calls for the RBNZ to a cut In Nov and then again in Feb (adding the February call to the their November call).
OK, a few more.
BNZ elaborate:
- announcement was "almost identical to what we had anticipated"
- "The Reserve Bank governor was on record as saying that the drop of 50 basis points allowed them to get ahead of the market, and reduced the need for more cuts later ... They have maintained an easing bias, and our view is that November is the more likely timing for the next move."
Kiwibank:
- decision "broadly as expected"
- clearly a bias to further easing
- we think they will cut the OCR in November
Westpac
- "slightly less dovish" than the market expected
- We are currently forecasting a cut in the OCR in November
- The RBNZ today did not sound like a central bank that is planning on doing that. Nevertheless, we are sticking to our call, because we expect economic data between now and November will be weak
NZIER
- RBNZ concern with the deterioration in the global growth outlook
- We continue to expect one further 25bp cut in the OCR in November
