RBNZ to Maintain Dovish Tone in May, Preparing for QE Expansion

<p>We expect RBNZ to leave its OCR at 0.25% at the May meeting. However, given the prospect of very gradual economic recovery, policymakers would maintain a dovish tone and suggest that further stimulus measures are likely. QE expansion is a likely move. The question is whether it will be announced this month or in June. […]</p>
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