Another cut to the official cash rate is coming - it is a matter of when rather than if, according to traders.
The Reserve Bank reviews the rate on Thursday with traders divided over whether Governor Graeme Wheeler will cut the rate.
Some are tipping he will cut it by 25 basis points to a new record low of 2 percent now but others think he will wait until June 9 when he can explain his reasons more fully in the monetary policy statement.
The rate is currently at 2.25 percent and Mr Wheeler may trim it to coerce annual inflation back into the bank's target 1 percent-to-3 percent band.
It was last in that range in the third quarter of 2014.
Mr Wheeler surprised the markets in March by trimming the OCR by 25 basis points with Kiwibank economist Zoe Wallis the only local forecaster to pick the cut.
She is picking another reduction, but BNZ says it remains touch and go.
"When we weigh up all the information, we attribute 55 percent odds of a rate cut," said senior economist Craig Ebert.
But he says the central bank will continue its easing bias in its commentary.