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RBNZ to Keep Rate at 0.25%, May Frown on NZD Strength -- Market Talk

06/23/2020 | 02:28 pm

20:13 GMT - RBNZ is expected to leave its cash rate unchanged at 0.25% today as it has already signaled the rate will be kept at that level until March. Local analysts also generally think RBNZ won't increase its government bond program until its August 12 policy statement. Mopping up bonds in the secondary market has become RBNZ's key tool for keeping wholesale rates low while also enabling massive government borrowing without direct monetization of the fiscal deficit. The approximate 9.0% rise in NZD's trade weighted index from its pandemic low in late March could elicit RBNZ jawboning. ANZ says it expects RBNZ to echo the Fed and Bank of Canada's sobering rhetoric in its statement due at 2 pm local time. (stephen.wright@wsj.com)

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