He said fixed rates were priced off wholesale swap rates, which had already been pricing in a 1 per cent official cash rate, anyway.
"These fixed rates are already well ahead of where the official cash rate has been. There's been a huge amount of anticipation of the official cash rate coming down."
Comment by Nick Tuffley - chief economist ASB - per Stuff 7/8/19 - this states clearly that the relationship between the OCR and fixed rates is indirect. This is handy for us, coming with authority that it does, for managing expectations in this envirnment.