Even the Prime Minister John Key has said he expects the Reserve bank to cut interest rates! Many banks are on the same wavelength and as a result 10 lenders have cut short-term rates over the last two days as seen in this story.
Other rate changes overnight were made by BNZ who sliced 10 bps off its one-year rate and dropped its two and three-year rates by 15 and 16 basis points respectively. Its four and five-year rates were cut by 5 points also.
PSIS and Credit Union Baywide have also made fixed rate cuts of between 5 and 50 basis points.
Kiwibank have today cut its six-month fixed rate by 36 basis points, its one-year rate has dropped by half a percentage point, its two and three-year rates both dropped by 19 bps and its four and five-year rates were cut by 15 and 10 bps respectively.
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