On Wednesday, the Reserve Bank of New Zealand (RBNZ) opted to hold the OCR in place at the same level for the seventh consecutive meeting.
The latest hold was not good news for mortgage-holders, suffering under the highest interest rates for 16 years.
It was, however, widely predicted by all mainstream outlets, including ABS Bank's chief economist Nick Tuffley.
"People need to hang in a little bit longer (for rate cuts)," he told Newstalk ZB.
The RBNZ is waiting to see consumers price index (CPI) inflation back inside its target band of 1-3 per cent.
CPI was last measured at 4.0 per cent in the March quarter, down from peaks above 7.0 per cent through 2022.
In a brief statement, Governor Adrian Orr struck a dovish note, suggesting the finish line was in sight.
"Restrictive monetary policy has significantly reduced consumer price inflation," he said.
"The committee expects headline inflation to return to within the 1-3 per cent target range in the second half of this year."
While the RBNZ has forecast CPI to dip below 3.0 per cent for some time, Mr Orr's commentary has not - until now - contained such optimism that the end to high interest rates could be in sight.
"The extent of (OCR) restraint will be tempered over time consistent with the expected decline in inflation pressures," Mr Orr said.
Mr Tuffley joined the chorus of criticism for the timing of Wednesday's review given updated CPI inflation figures - which are only issued quarterly - are due next week.
Mr Tuffley said it was "not very helpful" for the RBNZ to consider rates out of sync with CPI data.
Unlike Australia's central bank, the RBNZ meets just seven times a year and will next consider the OCR on August 14.
After holding the OCR at basement lows of 0.25 for 18 months from March 2020, the RBNZ steadily raised rates at every meeting from October 2021 through to May 2023.
It has sat at 5.5 per cent since then, dragging inflation but also economic activity down with it.
NZ has experienced a shallow double-dip recession in the past 18 months, with GDP per capita down each quarter in the past 18 months.