List of key interest rate decisions of the Reserve Bank of New Zealand

< br > < span class = "section-news" > 1. Interest rate level: The Reserve Bank of New Zealand unexpectedly cut interest rates by 25 basis points, cutting rates from 5.5% to 5.25% for the first time since March 2020. < br > < span class = "section-news" > 2. Interest rate outlook: The average official cash rate is expected to be 4.92% in the fourth quarter of 2024 and 4.62% in Quarter 1 in 2025. The average official cash rate is expected to decrease by 101 basis points by mid-2025. < br > < span class = "section-news" > 3. Monetary policy: Monetary policy will need to remain restrictive for some time. The Committee agreed that there is room for moderation in the extent of monetary policy constraints. < br > < span class = "section-news" > 4. Inflation outlook: Annual inflation is expected to be 2.3% in the third quarter of 2024, and CPI is expected to remain at the midpoint of the target for the foreseeable future. < br > < span class = "section-news" > 5. Economic activity: GDP is expected to contract by 0.5% sequentially in the second quarter of 2024. The weakness in domestic economic activity observed in July has become more pronounced and widespread. < br > < span class = "section-news" > 6. Market reaction: After the interest rate decision was announced, the New Zealand dollar plunged nearly 50 points against the US dollar in the short term, and the New Zealand 2-year bond yield fell by 3 basis points.