Verdict in on this week's OCR call
Economists are all singing from the same tune book when it comes to the short-term future of the OCR, according to the regular mortgagerates.co.nz survey.
The Reserve Bank is set to make an OCR announcement this week, but all of the economists surveyed believe the OCR will stay at the record low of 1.75%.
ASB chief economist Nick Tuffley put 99% probability on it, while BNZ chief economist Tony Alexander expressed surprise that anyone would be expecting a change.
Tuffley said there was a 10% chance that the Reserve Bank would cut the OCR again but said it would take a global shock that slows New Zealand’s growth to do it.
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