According to Jinshi, the market generally expects that the Reserve Bank of New Zealand will keep interest rates unchanged at 5.5% for the eighth consecutive time on Wednesday, and is unlikely to ease its hawkish tone as inflation remains well above the target range of 1%-3%. The Reserve Bank of New Zealand unexpectedly showed a hawkish stance at its May meeting and postponed its forecast for a rate cut. Although monthly data since then have shown a slight cooling of inflationary pressures, the Reserve Bank of New Zealand is still likely to regard the second quarter CPI data on July 17 as the key to a possible change in its policy stance. The Reserve Bank of New Zealand will also be cautious about the upside risks to consumer spending and inflation from the government's 2024 budget, which will implement modest tax cuts from July 31.