RBNZ to cut cash rate to 3.0% by the end of the year
RBNZ's decsion to leave its official cash rate unchanged at 3.5% came as no surprise. The c.bank revised up its forecast for GDP growth in the twelve months from April 2015 to March 2016, from the 3.4% figure published i…
RBNZ's decsion to leave its official cash rate unchanged at 3.5% came as no surprise.
The c.bank revised up its forecast for GDP growth in the twelve months from April 2015 to March 2016, from the 3.4% figure published in Dec to 3.6%.
Capital Economics notes in a report on Thursday:
The revision in forecast was partly to take account of downward revisions to historical GDP data and partly in anticipation of a boost to spending resulting from the slump in oil prices.
We think this forecast will prove too optimistic and, accordingly, continue to expect the cash rate to be cut to 3.0% by the end of the year, from 3.5% now.
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