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New Zealand's interest rates now sit within the 2.5%–3.5% neutral range and future moves will depend on how the economy evolves, as past rate cuts have yet to fully take effect, Reserve Bank Assistant Governor Karen Silk said. In a Reuters interview, she noted global trade uncertainty remains high but expects the economy to recover, supported by earlier easing that may offset some risks. The Reserve Bank of New Zealand (RBNZ) cut rates by 25bps to 3.25% in its May gathering, signaling the easing cycle may be nearing its end after 225bps in reductions since August. Silk explained further cuts aren’t urgent due to delayed policy impacts and strong commodity exports. “The track for cash rates also indicates that whatever we do is going to be data-dependent,” she said. On U.S. tariff rulings, Silk added, “There isn't certainty to where these things land… but we do have heightened uncertainties.”