Reserve Bank of New Zealand – The main highlight of the week isn’t much in doubt. The market is pricing in 100% probability of a cut at the Reserve Bank of New Zealand’s meeting on Thursday, NZ time. In fact it’s pricing in 100% probability of at least one more cut this year after this one, maybe even two more.
The RBNZ made it clear what would happen at this meeting after it took the unusual step of issuing an interim economic assessment that consisted largely of complaints about the high exchange rate and low inflation, and concluded that “it seems likely that further policy easing will be required” to hit its inflation target. “A decline in the exchange rate is needed,” they said, and one can assume that they will work for it.
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