People waiting for big banks to cut fixed mortgage rates after last week's Official Cash rate cut - might be out of luck

The Reserve Bank sliced 25 basis points off the OCR, bringing it to 2.25 percent.

ASB Chief Economist, Nick Tuffley, says markets have responded to the messaging from the central bank.

He says it was making clear noises it thinks it's pretty much done, so markets have shifted to pricing in a greater chance of the rate going up rather than down, as the next move.