Mike Jones: BNZ Chief Economist ahead of today's OCR announcement

BNZ's the latest bank to drop its home loan rates, anticipating a change to the Official Cash Rate this afternoon.   The Reserve Bank's expected to cut the OCR 25 basis point to 3.25%.  Already BNZ's cut its fixed rates to as low as 4.89%, and its standard variable rate to 6.44%.   BNZ chief economist Mike Jones told Mike Hosking today's decision should indicate the Reserve Bank's general direction, but it probably won't reveal anything too specific.   He says that seems to be the playbook offshore, allowing it to take its time and assess the lay of the land at the next meeting.  LISTEN ABOVE See omnystudio.com/listener for privacy information.