New Zealand CPI
NZ inflation data looking better, relative to recent history.
We view NZ as a yardstick/guidepost for economic outcomes, given they are often the first to hike and the first to cut. YoY prints of inflation are still too high, but the quarterlies (more current) are trending in the right direction.
Domestic inflation somewhat stickier than tradeable. Since many of the NZ macro indicators are quite wobbly (sentiment, home building, retail sales, GDP growth rates) the RBNZ will be cutting by quite a bit near term.
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