Cheap Convexity

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The RBNZ, Idiosyncratic or a Dovish Warning?

The RBNZ, Idiosyncratic or a Dovish Warning?

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Jon Turek
Aug 11, 2021
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Cheap Convexity
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The RBNZ, Idiosyncratic or a Dovish Warning?
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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…

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