The Bank commenced a new cycle of reducing the OCR, to an eventual low of 1.75 percent in November 2016. Today, in May 2017, the most likely scenario is for the OCR to remain stable for some time, although uncertainty remains high. Figure 4: selected 90-day forward rates  Source: RBNZ estimates.
25 See December 2017 Monetary Policy Statement, Box C.  26  Özer Karagedikli and C J McDermott, “Inflation expectations and low inflation in New Zealand”, RBNZ Discussion paper 2016/09.