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Tuesday, 23 July 2024 11:25

OCR pressure

Written by Milking It

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OPINION: While Reserve Bank boss Adrian Orr is sticking to his 'abundance of caution' messaging, the economy is in tatters and the jungle drums beat ever louder for an OCR cut no later than November (to be clear, that's Nov 2024, not 2025!).

ANZ was one of the first banks to put a November date on it, and other banks, via their various economic newsletters and missives, are slowly aligning themselves with that view.

Milking It reckons it can't come soon enough.

The economic data reported faithfully each quarter by the media is always dated and therefore out of step with what's happening on the ground.

Out here in the real world, businesses are failing and need interest rate relief right now.

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