More interest rate changes unlikely

Reserve Bank Governor Alan Bollard is now very unlikely to bump up its official cash rate any more this year, according to Deutsche Bank.

"It now seems most likely that further policy normalization will be suspended until the beginning of next year," said chief economist Darren Gibbs.

US economists have significantly cut their growth forecasts for the second half of the year, the Bank of England has downwardly revised the UK's growth outlook and the global outlook has deteriorated since June he said.

"For now we are factoring that the OCR will end the year at 3%, moving up to 4% by the middle of next year.

Businesswire.co.nz

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