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New Zealand RBNZ pulse client survey
Market participants see an earlier start to RBNZ easing than RBNZ and Westpac forecasts. • Survey participants are less dovish than market pricing. • Offshore market participants are more dovish than New Zealand-based clients. • Participants see the path of non-tradable and headline inflation as key risk factors. • Offshore market participants see potential labour market weakness as being more important compared to New Zealand- based clients. • There is a significant gulf between the RBNZ’s stance and the hopes of offshore market participants, which raises the stakes of the May Monetary Policy Statement ... (full story)