Markets, Mystics & Mayhem podcast: Ep33

Published on 04 June 2025

Hawkish here, dovish there. There was a bit of everything in the RBNZ's latest Monetary Policy Statement. And we’re delving into all the details…

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Jarrod Kerr

Chief Economist
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Mary Jo Vergara

Senior Economist
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Sabrina Delgado

Economist

A hawk and a dove at the same time. The RBNZ cuts 25

If you just read the statement, the RBNZ’s easing bias was strengthened. The economic forecasts were lowered, and another 25bp rate cut was inserted into the OCR track. But if you listened to the press conference or noted the dissenting 5-1 vote, the RBNZ’s top brass were crystal clear in their clouded uncertainty.

So how do we make sense of it? Where to from here? And, how have markets responded? We cover it all. The key takeaway: more rate cuts are coming.

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All content is general commentary, research and information only and isn’t financial or investment advice. This information doesn’t take into account your objectives, financial situation or needs, and its contents shouldn’t be relied on or used as a basis for entering into any products described in it. The views expressed are those of the authors and are based on information reasonably believed but not warranted to be or remain correct. Any views or information, while given in good faith, aren’t necessarily the views of Kiwibank Limited and are given with an express disclaimer of responsibility. Except where contrary to law, Kiwibank and its related entities aren’t liable for the information and no right of action shall arise or can be taken against any of the authors, Kiwibank Limited or its employees either directly or indirectly as a result of any views expressed from this information.

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