One of the more quaint 'guessing games' in the New Zealand economic landscape is coming to an end. The Reserve Bank says from now on it will be giving an explicit forecast of what it in future expects the Official Cash Rate to be. Up till now our central bank has in its Monetary Policy Statements issued estimates of where it sees the 90-day bank bill rates being in the future. But these estimates are of course based on what the RBNZ sees as the likely future level of the OCR, which the central bank itself sets. All that's happened in the past is that bank economists and the like look at the projections of the 90-day ... (full story)