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RBNZ will continue to watch, worry, and wait

With activity and inflation both softer than it had expected a few months ago, the RBNZ will likely stay put at its meeting at the end of the month. However, with a still-tight labour market fuelling uncertainty about domestically-sourced price pressures, the Bank will almost certainly retain its hawkish bias. We don’t expect rate cuts to come on the agenda until the second half of the year.

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