At its May monetary policy meeting on Wednesday, New Zealand’s central bank, the Reserve Bank of New Zealand (RBNZ) cut its Official Cash Rate (OCR) to fresh historic lows of 1.50% vs. 1.75% previous, as the economy cools and inflation falls further below target.
Fourteen of 20 economists in a Bloomberg survey expected the official cash rate will be lowered a quarter point to 1.5%, while markets put the chance of a cut at about 40%.
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