New Zealand makes 50bp cut amid weak economic growth
Independent economists were split over level of easing, central bank says it is open to cutting further
New Zealand’s central bank today (October 8) cut the official cash rate by 50 basis points to 2.5%, thereby bringing it to its lowest level since 2022 amid weak domestic growth and uncertainty over economic policy globally.
The Reserve Bank of New Zealand (RBNZ) said its monetary policy committee had reached a consensus over lowering the policy rate after also considering a 25bp cut. In a statement, it said the decision reflected “prolonged spare capacity and the associated downside risk to
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