RBNZ likely to leave the OCR on hold at 1.75% - Westpac

Analysts at Westpac expect the RBNZ will leave the OCR on hold at 1.75% at its November meeting.

Key Quotes

“As activity and inflation developments have been stronger than the RBNZ expected, the accompanying policy statement will be at least a little more hawkish than the August missive (though any change will be minor and will be confined to the details of the document).”

“We expect the RBNZ to stick to the same broad monetary policy outlook, including restating the all-important phrase that the next move in the OCR could be “up or down” and that it “intends to keep the OCR at an expansionary level for a considerable period.”

“The RBNZ’s August OCR forecast was flat at 1.8%, before starting to rise in September 2020. That putative date for OCR rises could be brought forward by one or two quarters.”