The New Zealand Institute of Economic Research (NZIER) runs a 'shadow board' of analysts. Advises the RBNZ to hold rates steady this week, amid inflation risks.
Most members of the NZIER Monetary Policy Shadow Board recommend that the Reserve Bank of New Zealand (RBNZ) keep the Official Cash Rate (OCR) at 3.25% in its upcoming July policy review. While the New Zealand economy remains sluggish, members noted mixed inflation risks, including a recent rise in annual CPI and growing global uncertainties. These factors support a pause in rate cuts for now.
Looking ahead, members broadly expect the OCR to settle between 2.75% and 3.25% over the next year, suggesting the rate-cutting cycle may be nearing its end. While most see limited scope for further easing due to the uncertain inflation outlook, a couple of members argued that more cuts are needed to support economic recovery.
2pm New Zealand time on July 9is:
0200 GMT July 92200 US Eastern time July 8---
Note:
The Shadow Board is independent of the RBNZ and does not represent what the RBNZ is going to do but rather what their view is that the RBNZ should do. That is, the Shadows do not preview what they think will happen, but what they think should happen.
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Earlier:
Poll: Analysts expect the Reserve Bank of New Zealand to hold rates at 3.25% on July 9BNZ forecasts no rate cut from the Reserve Bank of New Zealand at the July meetingNewsquawk Week Ahead: Week Ahead: Trade deadlines, FOMC Minutes, RBA, RBNZ, Canada jobs This article was written by Eamonn Sheridan at www.forexlive.com. Read More Details
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