OCR to stay on hold
The OCR has been sitting at its historic low of 1.75% since November 2016, but TMM’s regular OCR preview survey reveals a unanimous view that the Reserve Bank will not be altering it this week.
Of the economists who responded to the survey, all bar one – independent economic commentator Michael Reddell – think the OCR has troughed in this cycle.
Further, most think the OCR will stay on hold at 1.75% until next year and that the Reserve Bank is unlikely to change its central, neutral message for some time.
ANZ senior economist Liz Kendall says the Reserve Bank has sent a very clear message that it is determined to meet its inflation target, with a move up or down in interest rates equally likely.
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