ASB is picking the OCR will be left unchanged next week.
It's been at 2.5 percent since March last year.
ASB says the pace of economic expansion appears to have dipped over the third quarter, with employment and retail trade data surprisingly weak.
It says the annual rate of inflation also fell to 0.8 percent in September, below the Reserve Bank of New Zealand's 1.3 percent target band.
Weak inflation would ordinarily prompt serious consideration of an OCR cut, but putting a stop to that is the increasingly heated state the housing market and the developing Canterbury rebuild.