RBNZ will press ahead with another 75bp hike

The incoming data have been a touch softer than the RBNZ had anticipated. While we still expect the Bank to press ahead with the 75bp hike it signalled in November at the upcoming meeting on 22nd February, we are now forecasting two 25bp hikes in April and May rather than one 50bp hike in April. And we still think that rate cuts will come on the agenda before year-end.

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