Archive

April 10, 2025
PH.png

Philippines: 25bp Rate Cut to 5.5% (Consensus 5.5%) in Apr-25

  • The BSP cut its policy rate by 25bps to 5.50%, aligning with expectations and marking a shift towards accommodation following the unexpectedly hawkish February hold.
  • Substantial downward revisions to inflation forecasts, with 2025 inflation now seen at just 2.3%, support the easing decision and suggest scope for further rate reductions.
  • Despite a dovish tilt, the BSP signalled a cautious, data-driven approach to additional cuts, with external headwinds and inflation risks dictating the pace of monetary easing.
April 09, 2025
NZ.png

RBNZ: 25bp Rate Cut To 3.5% (Consensus 3.5%) in Apr-25

  • As widely expected, the Monetary Policy Committee reduced the OCR by 25 basis points to 3.5%, citing stable inflation near the midpoint of the target range and significant spare capacity in the domestic economy.
  • The recent imposition of global trade barriers has increased downside risks to economic activity and inflation, prompting a reassessment of the medium-term inflation outlook.
  • While global inflation dynamics remain uncertain, the Committee signalled that further rate cuts remain possible, contingent on the evolution of inflationary pressures and external economic developments.

By country