New Zealand's Judo Bank Economist Predicts Significant Rate Cuts

According to Odaily, Judo Bank's Chief Economist Jarrod Kerr has stated that New Zealand's latest economic report indicates that restrictive monetary policies have already inflicted enough damage to curb inflationary pressures. He mentioned that the Reserve Bank of New Zealand is responding, but it may be too late. Kerr emphasized that an interest rate cut in October is almost certain, advocating for a 50 basis point reduction, followed by another 50 basis point cut in November. He believes that the official cash rate needs to decrease by as much as 300 basis points.