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Intervention capacity up, NZD retreats
Surprisingly, one day ahead of the RBNZ review, ASB cut its fixed 18 month mortgage rate by -26 bps without waiting to hear what the RBNZ says tomorrow. Nelson Building Society (NBS) cut two term deposit rates today for 2 and 3 year terms. Housing rents tended to level off in Q4-2023 following nine months of substantial increases. The biggest increase was for two bedroom units/apartments. Affordability caps are limiting what rents can be expected by landlords. Westpac says its customers are spending just +3.4% more than a year ago, while the population has grown +2.8% and retail prices have increased about +4%; ... (full story)