We expect that the Reserve Bank of New Zealand (RBNZ) will use the policy meeting scheduled for Thursday 11th June and the publication of the accompanying Monetary Policy Statement to further prepare the ground for a rate cut in either July or September. There is even a slim chance that the Bank decides to cut rates this month, from 3.50% to 3.25%. Either way, the chances that rates will be 3.0% by December, as we have been forecasting since early this year, are increasing.
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