RBNZ has probably done cutting with OCR now at 2.25%

The central bank is expecting inflation to abate slightly faster but that unemployment will be slightly higher through next year than it had been expecting in August.

The new forecasts have the OCR averaging 2.4% in the current quarter and easing to 2.2% for the March, June and September quarters of next year but then rising to 2.3% in the December quarter of next year.

Previously, RBNZ had been expecting a 2.5% OCR in the March quarter of 2026 and at 2.6% through the rest of that year.

Some economists have been predicting that a further OCR cut may be required but RBNZ appears to be ruling that out.