The main point from ANZ’s preview of the RBNZ meeting coming up next week:
We expect the RBNZ to keep the OCR unchanged at 5.5% at next
week’s Monetary Policy Review (MPR), while striking a more hawkish
tone.
Data since the August Monetary Policy Statement (MPS) has overall
been stronger than anticipated, dairy prices aside. Potential wealth
effects from the reheating housing market are concerning.
We continue to expect a hike at the November meeting and risks are
tilting towards even more being required in 2024.
Statement due next Wednesday at 2pm New Zealand time