Paul Bloxham: HSBC chief economist on the Reserve Bank shutting down hope for an early rates cut

The Reserve Bank has poured cold water over growing speculation for an early rates cut this year. In a webinar delivered to the public, RBNZ chief economist Paul Conway said non-tradeable inflation came in higher than predicted, at 5.9 percent. HSBC chief economist Paul Bloxham says it's likely the RBNZ won't cut the OCR until 2025, at the earliest. "The economy has slowed a lot and inflation is coming down, but as Conway pointed out, inflation is still too high- it's well above target." LISTEN ABOVE  See omnystudio.com/listener for privacy information.