Golden Ten Data on August 14, TD Securities said that as the market repriced, it believes that the pace of New Zealand Fed easing will be slower and more stable, and the initial rally in New Zealand bonds and swaps may fade. Singapore strategist Prashant Newnaha said the New Zealand Fed expects inflation to remain near the target midpoint for the foreseeable future, meaning we will see a series of steady rate cuts at future meetings. That said, the OCR trajectory proposed by the New Zealand Bank is much lower than the market’s hint from the second quarter of 2025. Newnaha said, “Our sense is that as the market reprices, the New Zealand Fed will move more slowly and steadily, and some of the initial rebounds will come down.” "The fact that the Reserve Bank of New Zealand is signaling further rate cuts may have fueled a rebound in equities as markets see a greater risk of aggressive easing this year.
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