Newzealand bank cut the deposit rate by 25bps
After leaving rates on hold for 6 straight meetings, Finally RBNZ cut deposit rate by 25bp to 3.25%. Dairy auction pricing has remained on the soft side and inflation expectations remain stuck below the 2% threshold, but the primary driver of the easing convictions is the announcement made with the latest RBNZ stability report. As expected the central bank sought to curb property inflation in the overheated Auckland area by boosting LVR requirements to 30% effective this October, thereby diminishing the primary deterrent to easier money.
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- Along with decision on policy, markets will monitor the latest projections for growth, inflation, and 90-day bill rate forecasts made by the RBNZ on a quarterly basis. Last time in March, FY15 GDP was cut to 3.2% from 3.5%, CPI cut to flat from 1.1%, and 90-day billl rate target reduced 30bps to 3.7%
After leaving rates on hold for 6 straight meetings, Finally RBNZ cut deposit rate by 25bp to 3.25%. Dairy auction pricing has remained on the soft side and inflation expectations remain stuck below the 2% threshold, but the primary driver of the easing convictions is the announcement made with the latest RBNZ stability report. As expected the central bank sought to curb property inflation in the overheated Auckland area by boosting LVR requirements to 30% effective this October, thereby diminishing the primary deterrent to easier money.
<br>
- Along with decision on policy, markets will monitor the latest projections for growth, inflation, and 90-day bill rate forecasts made by the RBNZ on a quarterly basis. Last time in March, FY15 GDP was cut to 3.2% from 3.5%, CPI cut to flat from 1.1%, and 90-day billl rate target reduced 30bps to 3.7%
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