Despite continued robust economic growth, inflation disappointed in Q2andwage growth remains subdued    The RBNZ also has to factor in a stronger NZD and a sustained slowdown in thehousing market    Given limited inflationary pressures and a dovish central bank we expect theRBNZ to remain on hold until Q32018    We expect no change from the BSP at Thursday’s meeting and for the rest of theyear in light of lower-than-expected inflation. Headline CPI in July came in at2.8% y-o-y, which sits below the midpoint of the BSP’s 2-4% target range    Moreover, core CPI in July surprised on the downside at 2.1%, showing weakerprice growth in non-energy and food prices, as well as further evidence of weakdemand-pull inflation    We forecast the BSP’s next move to be a 100bp cut in the reserve requirementratio in 4Q

声明：如本站内容不慎侵犯了您的权益，请联系邮箱：wangshiyuan@epins.cn 我们将迅速删除。