Poll: Analysts expect the Reserve Bank of New Zealand to hold rates at 3.25% on July 9

Reuters poll finds the Reserve Bank of New Zealand is expected to hold rates at 3.25% on July 9 according to 19 of 27 economists:

• the 8 remaining expect a 25bp cut
• All major New Zealand banks - ANZ, ASB, BNZ, Kiwibank and Westpac - forecast no change in rates
• RBNZ to cut official cash rate to 3.00% in Q3 say 16 of 22 economists
• year-end median OCR forecast 3.00% (vs. 2.75% in May poll)

Only one more cut expected from the RBNZ this year according to this latest polling. The previous survey, in May, showed that two cuts were expected.

The background to this is that the RBNZ has lowered rates by 225 basis points since August last year.

Earlier:

• BNZ forecasts no rate cut from the Reserve Bank of New Zealand at the July meeting