[UPDATED] PSIS, yesterday, shaved 5 points off both its six month and two year rates, and 20 points from its four year rate taking it from 7.40% to 7.20%. (It did not increase its three-year rate as reported earlier).
The "emergency" OCR cut made by the Reserve Bank has certainly had an impact on the market with rates falling and an expectation that it will help stimulate some more, much needed activitiy in the housing market. However, BNZ issued a warning yesterday that the OCR may not stay down for long. Its full Interest Rate strategy paper is here for you to read.
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