The Reserve Bank has made a bold bet, doubling down to slash the official cash rate 0.5 per cent to an all time low of 1 per cent.
There is a strong logic to the move.
By moving more aggressively now the RBNZ has surprised the market and pushed ahead of expectations.
Markets had already priced in at least two rate cuts this year - so why wait?
The move has achieved a much stronger drop in the currency than it could have with incremental cuts - delivering an immediate boost for exporters.
It will also likely drive a