The Reserve Bank of New Zealand performed a bit of a pivot in its brief statement yesterday. ICYMI:RBNZ leaves it cash rate on hold at 5.5%, as expectedNZD/USD drops after the RBNZ statement - hints of a closer rate cutNew Zealand rate pricing implies 25bp rate cut for October vs. 16 before RBNZ statementWestpac on the RBNZ statement today - "less hawkish" than May statementBNZ moved quickly to bring forward its expectation for the first rate cut from the RBNZ to November 2024:The statement, accompanying the expected ‘on hold’ decision, represented a significant moderation in the Bank’s hawkish stance from the May Policy Statement. Unlike May, a rate hike wasn’t discussed, and alongside weak
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