Big changes to interest rate forecasts
Don’t expect to see the Reserve Bank increase the official cash rate this week. However, economists are making significant changes to when they expect the RBNZ will make its next increase and how high it will take the cash rate in this cycle.
The mortgagerates.co.nz survey of economists shows that no one is expecting the Reserve Bank to increase its OCR any time soon, and after last week’s CPI announcement many economists are reviewing their forecasts and pushing out the date of the next increase.
At the time of the previous OCR announcement six weeks ago the general view is that the OCR would stay at its current rate of 3.25% until March next year.
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