Daily Alert: Dovish RBNZ hold heightens risk of 2024 OCR cuts
- NZ yields and the NZD down after the dovish RBNZ hold. The tone of forthcoming data will be key, but we see the heightened risk of 50bps of OCR cuts by year end by the RBNZ
- There was little market reaction to the Powell testimony, with the Fed trying to manage market expectations of when rate cuts are coming. The equity market has not gotten the memo with expectations of lower yields boosting stocks and pushing the S&P500 and Nasdaq to fresh record highs
- Tonight’s US CPI data will be pivotal, with monthly pricing data for NZ likely to be on the radar screen for local markets ahead of next week’s NZ Q2 CPI data release
Contact us
Mark Smith
Senior Economist
Mark joined ASB in 2017, with over 20 years of public and private sector experience working as an economist in New Zealand and the UK.
His resume includes lengthy stints at ANZ and the Reserve Bank of New Zealand, and he has also worked at the Bank of England, HM Treasury and the New Zealand Transport Agency. Mark's areas of specialisation include interest rate strategy, macro-economic analysis and urban economics.
Born and bred in the Waikato, Mark studied at Waikato University where he graduated with a Master of Social Sciences, majoring in Economics.
Mark's key strengths are the ability to use his extensive experience, inquisitive nature, analytical ability, creativity and pragmatism to dig a little deeper and to deliver common sense solutions to tackle complex problems.
When not at work Mark likes to travel, keep fit and spend time with his friends and family.
- Email: Mark
Chris Tennent-Brown
ASB Wealth Senior Economist
Chris has worked as an economist for ASB and Commonwealth Bank of Australia in Sydney since 2005. His work has involved monitoring and forecasting trends in the New Zealand economy, with a focus on drawing implications for financial markets and investments. Chris is passionate about savings issues, and much of his current work is focussed on broadening peoples understanding of investments. Chris obtained a Bachelor of Commerce at Auckland University, majoring in Economics, and prior to joining ASB worked in the funds management industry for Bankers Trust and BT Funds Management. With over 20 years' experience in finance, Chris has also spent several years farming, and was a New Zealand representative cyclist. When not at work, Chris likes to travel, cycle, and spend time with his family and numerous pets.
- Email: Chris
