Term Deposit Report: More RBNZ rate hikes expected

  • Term deposit rates have been lifting off their all-time lows recorded during the pandemic, including increases over the past month
  • Annual CPI inflation has spiked and is expected to peak at around current levels (circa 7.3%) this year and remain above 3% over the next two years
  • More hikes are coming, and we expect the OCR to get above 4%

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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.

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