New Zealand cuts rates by 50 bps as Kiwi tumbles and markets expect further easing

Summarised by Centrist

New Zealand’s central bank cut interest rates by 50 basis points, bringing the official cash rate to 4.75%. The bank said the move was necessary to maintain low inflation and stability. Following the announcement, the New Zealand dollar dropped 0.9%, while markets are now betting on another 50bps cut in November. “The RBNZ’s dovish stance suggests more rate cuts ahead,” noted Moody’s economist Shannon Nicoll.

Read more over at Reuters