OCR drop: Why now and why by the smallest of margins?
ANALYSIS: The obvious answer is that the financial markets demanded a drop, and the RBNZ obliged. But...
WATCH: NBR columnist Christoph Schumacher speaks with Brent Edwards.
After the unexpected drop of our consumer price index (CPI) to 3.3% in the June quarter, the financial markets and several bank economists in New Zealand believed a cut of the official cash rate was imminent (read official OCR announcement on the August 17).
The level of expectation and excitement
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