The RBNZ, Idiosyncratic or a Dovish Warning?

One of the more interesting central banks in the world right now is the Reserve Bank of New Zealand. A few weeks ago, the RBNZ had a fairly massive policy shift. While it is easy to look at the markets response, especially in interest rates, and say, the shift is priced in, it may have a lot more to go.

Despite a global bond market rally, NZD 5y rates k…