RBNZ expectations for next week's RBNZ MPS ? - ANZ

Analysts at ANZ expect that next Thursday, the RBNZ will leave the OCR at 1.75%. The Governor and the mandate may have changed, but the broad story will remain the same.

Key Quotes:

"Developments since February have been positive for medium-term inflation. But given the balance of risks, we expect the RBNZ will retain a cautious approach, with the policy outlook broadly similar."

"The RBNZ will retain a consistent message, despite ongoing organisational changes. We expect the Monetary Policy Committee will be cautious not to change its messaging abruptly and that the RBNZ will be broadly comfortable with its previous communication and policy strategy. A clear message that acknowledges recent developments, but is consistent with a gradually evolving policy outlook will be the aim. The RBNZ will remain cautious until it sees a definitive broadening in inflationary pressures, with the OCR to remain on hold for some time yet. We continue to pencil in August 2019 for the first increase."