OCR cut almost certain: BNZ
Economists at the big-four lender believe the OCR will be slashed to 1.25% with the “door left wide open” for further cuts this year.
The economists, including Stephen Toplis and Craig Ebert, believe GDP growth will fall short of the Reserve Bank’s expectations and anticipate it will be “downhill” for the second half of the year.
In a downbeat note to the market, BNZ analysts predicted business confidence figures would “not only fall below the RBNZ’s forecasts” but would “end up lower than our relatively pessimistic predictions”.
An OCR cut next week is 90% priced in by financial markets, according to BNZ. The central bank will make its decision in next week’s MPS.
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