RBNZ meet next week, expected to hold the cash rate steady despite high & sticky inflation

The Reserve Bank of New Zealand meet next week, Wednesday November 29 with the announcement due at 2pm local time

• 0100 GMT
• 2000 US Eastern time on Tuesday

The market consensus is that the Bank will hold its cash rate at 5.50% for the fourth consecutive meeting. Despite inflation remaining well above the Bank's 1-3% target range at 5.6% y/y for the latest reading.

With such persistent and sticky inflation the RBNZ will remain hawkish.

ANZ:

• "We expect the Reserve Bank to carefully leave all its options open and stress the next move in rates could be up or down and they're in data-dependent mode
• Given the most recent data, they're probably a little less worried than they were. But there is still a long way to go, and the Reserve Bank will be very aware that the job is far from done."

ANZ forecast rates on hold for all of 2024.