Two major announcements for the market today.

The Reserve Bank will announce this morning whether or not to make a further cut to the interest rate.

Since June the Official Cash Rate has been cut three quarters of a percent to 2.75 percent.

The other major announcement is the Federal Reserve's decision on when it will start hiking up interest rates.

HSBC Chief economist Paul Bloxham is expecting the Reserve Bank to keep the OCR on hold because of the Fed decision.

"The Fed is due to announce its own decision only two hours before the RBNZ will announce its decision, so that was always likely to be a reason why the RBNZ was unlikely to do something in this particular month."

Bloxham said the case for an immediate cut in interest rate has diminished.

He said the Reserve Bank can afford to wait and see the effects of previous cuts to the official cash rate and it's unlikely to move the OCR today.

Mr Bloxham said one of the reasons they were cutting interest rates was concern that growth might slow substantially.

He said some of those risks have diminished with the lift in confidence and dairy prices.