We’ll be undertaking system maintenance in the early hours of Sunday morning. There will be some brief rolling outages to internet and mobile banking, ATMs, phone banking, and a reduced service for card transactions. If you are planning to be out and about at this time, it may be a good idea to withdraw some cash ahead of time. We apologise in advance for any inconvenience.
The RBNZ delivered their updated view of the interest rate outlook this week and poured ice water over market expectations for OCR cuts next year. The RBNZ sees little room to tolerate upside shocks to inflation and plenty of room for downside shocks. Given that asymmetric risk profile we retained our call for an OCR increase early next year.