The Reserve Bank of New Zealand (RBNZ) has decided to keep the official cash rate (OCR) unchanged at 5.5%, as widely anticipated by economists. The central bank discussed the possibility of raising rates but opted to maintain the current level. The RBNZ's cash rate track now suggests potential rate cuts starting later in 2025. The bank projects the OCR to be 5.62% in Q1 2025, 5.54% in Q2 2025, 5.4% in Q3 2025, and 5.65% in Q4 2024. Additionally, the RBNZ expects inflation to return to the target band by the end of 2024 and forecasts GDP growth of 0.2% quarter-on-quarter for Q1 2024. Job market pressures are easing, and the New Zealand dollar responded positively to the announcement, jumping as the market adjusted to the updated rate projections.
NEW ZEALAND 2-YEAR GOVERNMENT YIELD INCREASES 3 BASIS POINTS ON RESERVE BANK OF NEW ZEALAND RATE PROJECTION
RBNZ: SLOW DOMESTIC CPI DECLINE RISKS INFLATION EXPECTATIONS.
RBNZ DISCUSSES POSSIBILITY OF RAISING RATES
RBNZ: WAGES AND SPENDING EASING TO LEVELS CONSISTENT WITH TARGET
RBNZ: JOB MARKET PRESSURES EASE, FIRMS MORE CAUTIOUS ON HIRING
RBNZ POLICY COMMITTEE AGREES TO MAINTAIN CURRENT INTEREST RATES
RBNZ CASH RATE TRACK SHOWS POTENTIAL RATE CUTS FROM LATE 2025
RBNZ PROJECTS ANNUAL CPI TO BE WITHIN 1-3% TARGET RANGE BY END OF 2024
NZ DOLLAR CONTINUES TO RISE AS RBNZ PROJECTS HIGHER CASH RATE
RBNZ: RESTRICTIVE MEASURES EASED CAPACITY PRESSURE AND DECREASED CPI
RBNZ PREDICTS 2Q 2025 AVERAGE CASH RATE OF 5.54% COMPARED TO 5.33%
RBNZ PROJECTS AVERAGE OCR TO REACH 5.4% IN 3Q 2025
ALL SURVEYED ECONOMISTS SEE NEW ZEALAND HOLDING KEY RATE AT 5.5%
NEW ZEALAND KEEPS BENCHMARK INTEREST RATE STEADY AT 5.50%
RESERVE BANK OF NEW ZEALAND EXPECTS GDP GROWTH IN 1Q 2024 TO BE 0.2% QUARTER ON QUARTER.
RBNZ EXPECTS 3% YEAR ON YEAR INFLATION IN 3Q 2024
RBNZ EXPECTS AVERAGE OCR TO REACH 5.65% IN 4Q 2024
🔴 ⚠️ BREAKING: NEW ZEALAND CASH RATE ACTUAL 5.5% (FORECAST 5.5%, PREVIOUS 5.50%) $MACRO
New Zealand central bank leaves cash rate unchanged at 5.5% https://t.co/H6Lb2K2RZ3
RBNZ Orr: Expect inflation to fall back into target band by end 2024 https://t.co/3chm4ASbkm
New Zealand leaves benchmark interest rate at 5.5%...
New Zealand’s central bank kept interest rates unchanged and signaled it won’t start cutting them until the second half of next year https://t.co/GrjbqrCwX4
RBNZ Expects Inflation To Return To Target Band By End-2024
RBNZ: Cash Rate Track Now Suggests Cuts Starting Later In 2025 - Discussed The Possibility Of Increasing OCR At This Meeting - Sees OCR At 5.62% In Q1 2025 (Pvs 5.47%) - Sees OCR At 5.54% In Q2 2025 (Pvs 5.33%) - Sees OCR At 5.4% In Q3 2025 (Pvs 5.15%)
NZD jumps after RBNZ raises its path ahead for rates, suggests later cuts https://t.co/Dr9Jg0Rt63
NZD pops after Reserve Bank of New Zealand leaves cash rate on hold at 5.5% - no surprise on rate decision but clearly market was mispositioned
RBNZ Leave The OCR Unchanged At 5.50%; As Expected
*RBNZ SETS CASH RATE AT 5.5%
Reserve Bank of New Zealand leaves cash rate on hold at 5.5%, as widely expected https://t.co/edczQ5Xf3w
Heads Up:🇳🇿 RBNZ Interest Rate Decision due at 02:00 GMT (15min) Expected: 5.5% Previous: 5.5% https://t.co/vMddepOnFU
RBA minutes: Considered whether to raise rates https://t.co/OCwaF9zpHh