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Home / Business / Economy

OCR decision due at 9am today

Herald online
13 Jun, 2012 08:15 PMQuick Read

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Reserve Bank Governor Alan Bollard. Photo / Mark Mitchell
Reserve Bank Governor Alan Bollard. Photo / Mark Mitchell

Reserve Bank Governor Alan Bollard. Photo / Mark Mitchell

The Reserve Bank is poised to announce a decision on the Official Cash Rate at 9am this morning, when it is widely expected to hold rates at a record low of 2.5 per cent.

Both money market pricing and the consensus among market economists are predicting only a one-in-six chance of an OCR cut today.

Looking further ahead, their views diverge, however. Most forecasters polled by Reuters expect the Reserve Bank to hold firm until the March quarter next year and for the OCR to be 3 per cent by this time next year.

By contrast as recently as last week the markets were pricing in an OCR of 2.25 if not 2 per cent by then and they still consider it likely that the OCR in a year's time will be lower than it is now.

Since the bank last reviewed the OCR statistical revisions have indicated the New Zealand economy entered this year with less momentum than previously thought.

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Reserve Bank Governor Alan Bollard will also be delivering his quarterly Monetary Policy Statement this morning. It will be broadcast via a webcast available here at nzherald.co.nz.

-HERALD ONLINE

Discover more

Opinion

Brian Fallow: Don't count on OCR fall as Bollard exits

30 May 05:30 PM
Banking and finance

Bollard will hold OCR at 2.5pc- economist

06 Jun 11:00 PM
Official Cash Rate

Leave OCR say experts, but just for now

11 Jun 05:30 PM
Economy

Bumper May for property sales, prices lift

11 Jun 11:45 PM
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