Westpac has again reduced its two and three-year rates. Its tweaked its two-year rate down by 6 basis points to 6.69% and its three-year rate dropped 10 points to 7.10%. Westpac now has the lowest two-year bank rate along with National Bank and Kiwibank.
In expert views, four out of five bank economists pull back their Official Cash Rate (OCR) expectations with a pause now expected in September as a result of uncertainty in the global outlook and a string of weaker than expected domestic data.
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