RBNZ Interest Rates for May 2023 Meeting

Cash rate (%pa)
Bank bill yields (%pa)Secondary market government bond yields (%pa)Swap rate spread close (bps)
DateOfficial Cash Rate (OCR)Overnight interbank cash rate30 days60 days90 days1 year12 year15 year10 year2-10s2
10 May 20235.255.515.575.625.254.704.104.17-81
11 May 20235.255.505.565.615.234.634.054.12-83
12 May 20235.255.515.565.605.234.604.014.08-76
15 May 20235.255.515.555.585.194.543.964.05-78
16 May 20235.255.555.595.645.254.634.054.12-82
17 May 20235.255.545.595.655.254.674.084.16-89
18 May 20235.255.575.635.705.344.784.194.26-96
19 May 20235.255.635.725.795.525.044.414.41-105
22 May 20235.255.685.775.825.575.084.434.42-100
23 May 20235.255.675.755.835.575.034.404.40

[1] Where there is no suitable benchmark bond, none is reported. See series description for details.[2] The spread between the 2 and 10 year swap rate is presented in basis points to better align with market conventions.

OCR at 5.25 matches the FED at 5.25. The RBNZ interest rates historically were priced far above Fed Rates. The 5, 4 and 3 day higher rates qualifies to RBNZ raise. How far back was this seen. Many, days is the answer. Rare day to disappoint with no raise under the 5 day rule scenario. Only 2 options for RBNZ: raise or on hold. OCR at 5.25 vs Inflation 6.7.

I will post NZD trades this evening long before RBNZ. What will all see. NZD/USD minimum 32 and Max at 62. Maybe in 1 direction.

Brian Twomey


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