TMM - News
Westpac drops negative OCR call
Thursday 21st of January 2021
The team's economists believe the OCR is now "low enough", given the rip-roaring housing market and recent strong GDP data.
The bank's forecasters, led by Dominick Stephens, join ASB and ANZ in their U-turn on negative rates. The team previously predicted the OCR would drop to -0.25%.
Consensus across the market suggests the Reserve Bank will either keep the OCR at 0.25%, or make a 15 basis point cut this year.
Westpac says the OCR will be "on hold for the foreseeable future", with low inflation and high unemployment.
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