Reserve Bank of New Zealand Governor Christian Hawkesby reiterated that the bank’s central projection is for the Official Cash Rate to fall by another half-percentage point by year’s end, though the pace of reductions will depend on incoming data.
“While our central projection for the OCR is to fall to around 2.5% by the end of the year, that could occur faster or slower,” Hawkesby said Thursday in opening remarks to a financial conference. “Further data on the speed of New Zealand’s economic recovery will be what influences the future path of the OCR.”