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Westpac Research notes:
NZ swap yields 1 day: Given the movements in interest rates in key markets overnight, the NZ 2yr should open up 2bp at 3.38% while the 10yr should open up 4bp at 3.97%.
NZ swap yields 1-3 month: Short maturity NZ interest rates are likely to remain depressed during the next few months, inflation below the bottom of the target band likely to result in the RBNZ on hold but with easing risk. Markets have already priced in almost two 25bp OCR cuts during the next year, and are likely to price in more, taking the 2yr swap rate below 3.30%. The 10yr yield will continue to be hostage to expectations of Fed policy.
