As for where market pricing has settled after all the RBNZ announcements and commentary, and the heaving Q4 labour market data, it is pretty much in line with the 90-day bank bill track as prescribed in the December Monetary Policy Statement. Yes, more sure of a 25bp hike, to 2.75%, in March, but similar with an inferred OCR of around 4.25% by end-2015. The question is whether the NZ data and outlook can push it any further in due course, as might still seem the risk.
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BNZ