NZ makes another mammoth cut, rates hit fresh low

The Reserve Bank of New Zealand slashed its benchmark official cash rate by 150 basis points to a new all-time low of 3.5% on Thursday and signalled it could cut again in the coming months.

The cut follows a 150-basis-point loosening in December. The central bank has never eased the official cash rate so aggressively since its introduction in March 1999. The Reserve Bank has now cut rates by 475 basis points since July.

Alan Bollard, the governor of the Reserve Bank, said news from the countr