It currently sits at 2.25 per cent - a record low for New Zealand. Six weeks ago the Bank surprised many when it cut rates. While another cut is expected soon, most analysts expect it to come later this year.
The market officially priced in just a 35 per cent chance of a cut to the official cash rate today while the chances of a cut at the full monetary policy statement on June 10 are put at 86 per cent.
