According to Jinshi, Jinshi data reported on October 16 that Goldman Sachs pointed out that the data released today showed that New Zealand's CPI returned to the target level in the third quarter, which was welcomed by Silk, assistant governor of the Reserve Bank of New Zealand. Silk also discussed New Zealand's financial conditions, suggesting that the trend of bank funding spreads has somewhat weakened the impact of the official cash rate (OCR) cut on bank lending rates. We expect the Reserve Bank of New Zealand to cut interest rates by 50 basis points in November, and the balance of risks is inclined to a larger rate cut of 75 basis points. The bank's policy outlook will be very sensitive to the upcoming labor market update.