Westpac forecasts the Reserve Bank of New Zealand to cut cash rate to 3.25% by May 2025

Data from New Zealand earlier today was not encouraging - NZ in a recession:

• New Zealand "dramatically worse than anyone had expected" - RBNZ could cut by 75bp in Feb

• New Zealand Q3 GDP -1.0% q/q (vs. -0.4% expected)
• New Zealand dollar falls even further after GDP plunges