nick tuffley

For the second time in as many weeks, Kiwibank and ASB have reduced their fixed mortgage rates.  

It follows falls in wholesale rates on the expectation that central banks are getting closer to cutting their benchmark rates. 

ASB’s Chief Economist, Nick Tuffley, told Mike Hosking what people are seeing is the settling of rates and the response to news over the last week. 

The market is still reasonably patchy, but according to Tuffley its likely to even out slightly as interest rates come down. 

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The possibility of future rate hikes remains uncertain. 

Despite ANZ shifting its forecast to predict two more rate hikes, there are economists saying that the Reserve Bank has no need. 

ASB Chief Economist Nick Tuffley told Mike Hosking that there is a growing chance that the Reserve Bank will get impatient and lift interest rates. 

However, he said, they think that they can hold off since things are going in the right direction. 

Tuffley said the question is whether they’re headed there fast enough. 

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Economists are expecting the latest GDP figures to have risen in the second quarter.  

The numbers will be released this morning.  

After two drops, the country entered a technical recession in the first quarter of the year. 

ASB Chief Economist Nick Tuffley told Kate Hawkesby that things are likely to get a bit more challenging again later on this year. 

He said that there’s a risk of a double dip back into some negatives. 

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