90 at 9: No moves yet from banks to RBNZ call for lower rates; US T-bond demand strong

Bernard Hickey details the key news overnight in 90 seconds at 9am in association with ASB, including no signs yet that banks will cut their short term mortgage rates as requested by the Reserve Bank. Instead, market interest rates rose slightly and the only announcement has been from Raboplus that term deposit rates are rising. Meanwhile, demand for Treasury bonds at a key auction of 30 year bonds was stronger than expected, particularly from foreign central banks. Also, the World Bank has issued a grim forecast for global GDP in 2009 of a 3% fall, while the IMF is more positive and has upgraded its forecast for GDP in 2010 to a 2.4% rise.