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Change of OCR call, July 2024: RBNZ to deliver some pre-Xmas cheer in November
Today’s CPI showed some welcome reduction in headline inflation. • Services sector inflation is easing only gradually. • Recent activity data has suggested recessionary conditions for a few months now. • The RBNZ indicated an openness to tempering the restrictiveness of conditions in July – today’s data gives them room to act on that strategy. • We now see inflation is likely below 3% in Q3 and the path towards 2% seems more assured. • Around a 30% chance of an earlier easing at the RBNZ’s in October Review now exists. • The tone of the RBNZ August Statement, labour market, QSBO and GDP data due ... (full story)
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- Posted: Jul 16, 2024 10:01pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 3,494
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