Westpac forecasts Reserve Bank of New Zealand rate cuts in October and November

Westpac now expects the Reserve Bank of New Zealand to step up its easing cycle, forecasting the Official Cash Rate will be lowered to 2.5% at the October meeting and then cut again to 2.25% in November.50bp cut followed by a 25bp cut The bank said the RBNZ faces mounting pressure to loosen policy more aggressively as growth slows and inflation moderates, leaving scope for back-to-back moves before year-end.This comes after the terrible data earlier:New Zealand Q2 GDP -0.9% q/q (vs. -0.3% expected)
This article was written by Eamonn Sheridan at investinglive.com.

Source: investinglive.com (Read Full Article)