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Business Weekly Economic Report
Just a little commitment
Monday, 27 April 2009
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Alan Bollard takes centre stage this week with Thursday’s OCR announcement, for which we expect the RBNZ to deliver a 50bp cut.
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Monetary conditions have tightened since the March MPS and a 50bp cut has a much better chance of nudging markets in the desired direction.
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Equally important will be the sort of actions the RBNZ takes to accompany a cut. The best chance the RBNZ has to influence longer-term interest rate expectations is to combine a rate cut with an explicit commitment to keep the OCR at or below its new level for a defined period.
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Report Prepared by:
Jane Turner
ASB Economist
Phone: +64 9 374 8185
Fax: +64 9 302 0992
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