New Zealand

RBNZ Steps Up Pace Of Easing After August’s Surprise Cut

At its October meeting, the Reserve Bank Of New Zealand (RBNZ) cut the Official Cash Rate by 50 bps to 4.75%. The decision was not accompanied by an updated economic forecast or press conference and the latest forecast in August expected inflation to fall to…

2 年 2 年間 ago

Essentials

RBNZ Delivers A Surprise Cut

The Reserve Bank of New Zealand unexpectedly embarked on an easing pivot in August, cutting the Official Cash Rate by 25 bps to 5.25%. The central bank also signaled further rate cuts by lowering its rate benchmark forecast to 4.92% by December 2024 and 3.85%…

2 年 2 年間 ago

FICC

先進国（DM）国債のどこに割安があるか

特別レポート

本特別レポートでは、複数のフェアバリューモデルを用いて先進国の国債の絶対的および相対的な魅力を評価します。バリュー重視の長期投資家は米国の長期国債をオーバーウェイトし、米国を除く先進国への配分においてはスペイン、オーストラリア、場合によっては英国の国債を優先することを推奨します。

2 年 2 年間 ago

Essentials

RBNZ: The Next Dove?

The Reserve Bank of New Zealand (RBNZ) kept interest rates on hold at this week’s monetary policy meeting, in line with expectations. However, there were three new notes from its monetary policy statement that will likely affect how it approaches future…

2 年 2 年間 ago

FICC

New Zealand: The Rising Case For A Rate Cut

In this Insight, we revisit our "higher for longer" theme for the Reserve Bank of New Zealand, in light of the latest central bank meeting. In conclusion, we are inching towards a more dovish RBNZ ahead. Ergo, we recommend some fixed income and currency trades.

2 年 2 年間 ago

Essentials

RBNZ: Staying On Hold

New Zealand government bonds rallied, and the NZD was the worst performing major currency on Wednesday following the Reserve Bank of New Zealand’s (RBNZ) policy announcement. Although the central bank’s decision to keep its official cash rate (OCR) unchanged…

2 年 2 年間 ago

FICC

GFIS Model Bond Portfolio 2023 Review & 2024 Outlook: Once More, With Feeling

We present the performance review of the Global Fixed Income Strategy Model Bond Portfolio for 2023. We also discuss the outlook for 2024 performance based on our Key Views for the year. The portfolio is positioned to benefit from a year where the global backdrop will be one of weak growth and further declines in inflation, leading central bank to begin cutting interest rates.

2 年 2 年間 ago

Essentials

The Pivot To Rate Cuts: Context Matters

Multiple major DM central banks are scheduled to decide on monetary policy this week. The US Fed will meet on Wednesday, followed by the ECB, BoE, and Norges Bank on Thursday. It comes after the BoC and RBA both opted to keep rates unchanged last week. With…

2 年 2 年間 ago

FICC

New Zealand: High Rates For A Lot Longer

In this Insight, we discuss the outlook for monetary policy in New Zealand after this week’s RBNZ policy meeting, and introduce related fixed income and currency trade ideas.

2 年 2 年間 ago

Essentials

The RBNZ Joins The "Higher For Longer" Club

The Reserve Bank of New Zealand (RBNZ) held its key interest rate steady at 5.5% at the November policy meeting yesterday. That decision was as expected, but the messaging surrounding the announcement was surprisingly hawkish. The RBNZ statement noted that…

2 年 2 年間 ago

New Zealand

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