According to Jinshi.com, Jarrod Cole, chief economist of Judo Bank in New Zealand, said that New Zealand's latest economic report proves that restrictive monetary policy has caused enough damage to curb inflationary pressures.
Cole believes that the Reserve Bank of New Zealand is responding, but it is too late. The October rate cut is almost a done deal, and Cole advocates a 50 basis point cut and a further 50 basis point cut in November.
Mr Cole said the official cash rate needed to fall by as much as 300 basis points.
