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• RBNZ expected to hike the Official Cash Rate by 25bps to 5.50% on Wednesday as forecast by 21 out of 25 economists surveyed by Reuters, while money markets are pricing a near coin flip between 25bps and 50bps.
• RBNZ surprised markets at the last meeting with a greater-than-expected 50bps rate increase, while the Committee also agreed it must continue to raise the OCR.
• Softer-than-expected CPI data and lower inflation expectations support the view of a downshift in the pace of tightening.
• Focus will also be on the statement for guidance and whether the Bank continues to signal further hikes, as well its forecast for the peak rate, while the RBNZ will hold a press conference one hour after the decision.