ASB expects the RBNZ to keep the official cash rate (OCR) at 2.25% in July. The
bank’s base view remains that the OCR should gradually normalise toward a
neutral ~3.25% and it plans to begin tightening from September. ASB says recent
US‑Iran developments have reduced medium‑term inflation risk and given the RBNZ
some breathing room, but warns geopolitical volatility makes any OCR impact hard
to predict.