But at least the markets have begun to reprice the lower interst rates that were being foolishly predicted.
When will people realise that lower growth does not equal lower interest rates?
Lower inflation equals lower interest rates, and we have all kinds of inflationary pressures looming due to higher oil prices.
Wait until Bollard confirms this in June. Then watch interest rates move back up and the NZD/USD retest 0.8000.