Poll shows most analysts expect a +25bp RBNZ rate hike on May 24

Via Reuters polling on expectations for the Reserve Bank of New Zealand Official Cash Rate (OCR) ahead.

The next meeting of the RBNZ is on Wednesday, May 24 at 2pm local time (0200 GMT and 2200 on Tuesday May 23 US Eastern time)

• 21 of 25 analysts polled expect the RBNZ to raise its official cash rate by 25 bps to 5.50% at its May 24 meeting
• remaining 4 expect no change
• The largest banks in the country - ANZ, ASB, Bank of New Zealand, Kiwi Bank and Westpac - expect a 25 bps hike
• 14 of 21 forecast rates to stay at 5.50% next quarter. Of the others, four saw rates at 5.75% or higher and three at 5.25%

Earlier:

• ANZ forecasts the RBNZ to raise the cash rate to 5.75% in July

• Westpac forecasts RBNZ will raise cash rate to 6%, keep it there until mid-2024

RBNZ Governor Orr