The latest from Westpac New Zealand chief economist Dominick Stephens
Says the Bank expected to hold rates steady at the monetary policy meeting next week
- But a cut in August of 25bps
- Taking cash rate to new low of 1.25%
Cites:
- an improvement in economic conditions
- doubt that there will be sufficient sign of this by August for the RBNZ to hold steady
- still a great deal of uncertainty, but … odds favour the RBNZ cutting the OCR
