Suddenly, markets see two RBNZ rate cuts this year

Worsening global sentiment over the spread of the coronavirus, or covid-19, has pitched New Zealand financial markets traders from expecting no interest rate cuts by the Reserve Bank in the foreseeable future to pricing in at least one and possibly two cuts to the official cash rate this year.Forward pricing for ninety-day interest rates has fallen from around 1 percent, where the OCR currently sits, to 0.7250 percent by September this year, the month the election will be held."Point 75 (0.75) is where we would get with one rate cut, so the mar...