More on this revised RBNZ forecast from ANZ now expect the RBNZ to cut by 50bp in February

The news on this is here:

• ANZ now expect the RBNZ to cut by 50bp in February (revised from 25pb cut)

Adding in a few more comments from ANZ:

• As expected, the RBNZ delivered another 50bp cut in the OCR to 4.25% at its November Monetary Policy Statement – a Statement that had something for everyone, making it difficult to label as either “hawkish” or “dovish” relative to expectations.
• The updated OCR track implies slightly more than even odds of yet another 50bp cut in February (certainly more than the 25bp cut signalled in August), but at 3.06% the terminal OCR is 8bp higher.
• However, while the published OCR track might have been non-committal about what the 19 February MPS will bring, RBNZ communications subsequent to its publication have been anything but. Senior figures have reiterated at every opportunity that a third 50bp cut is the default expectation, should the data evolve as expected.