The main event for today was the RBNZ rate decision. The central bank cut rates by 50 bps as expected and there was nothing to suggest that they won't deliver a similar cut in November. The market sees an 80% probability of a 50 bps cut in November and 166 bps of easing by the end of 2025.
Looking ahead, we don't have any data releases on the agenda and the only highlight will be the FOMC Meeting Minutes later in the day. As a reminder, the Fed cut by 50 bps at the last meeting and indicated 50 bps of easing by year-end and 100 bps of easing by the end of 2025. The market is now almost perfectly in line with the Fed's projections.
Central bank speakers:
- 08:00 GMT - ECB's Kazimir (hawk - non voter in October)
- 08:30 GMT - ECB's Elderson (neutral - voter)
- 12:00 GMT/08:00 ET - Fed's Bostic (hawk - voter)
- 13:15 GMT/09:15 ET - Fed's Logan (neutral - non voter)
- 14:30 GMT/10:30 ET - Fed's Goolsbee (dove - non voter)
- 15:00 GMT/11:00 ET - Fed's Williams (neutral - voter)
- 16:15 GMT/12:15 ET - Fed's Barkin (neutral - voter)
- 16:30 GMT/12:30 ET - Fed's Jefferson (neutral - voter)
- 21:00 GMT/17:00 ET - Fed's Collins (neutral - non voter)
- 22:00 GMT/18:00 ET - Fed's Daly (neutral - voter)
