BNZ is predicting that the official cash rate (OCR) will be increased in March next year, from its current historic low of 2.50%. Once it starts rising it will move "steadily higher in 2014 to a 4.50% cyclical peak in mid-2015."
This means that floating rates are likely to be 2.0% higher in two years’ time.
It says there is now a vast array of economic data showing broad-based strength.
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