Reserve Bank Governor Graeme Wheeler surprised just about everyone on March 10 by cutting the Official Cash Rate and he looks set to cut again as soon as April 28. Very low global inflation, slowing growth overseas and a stubbornly high New Zealand dollar pushed Mr Wheeler into a rate cut he clearly would have preferred not to make, as he indicated in a speech as recently as February 3. But lower rates overseas and weak inflation expectations here pushed him over the edge.
