The financial markets and bank economists seldom see eye to eye, but they are poles apart when it comes to where New Zealand interest rates are headed.
A gulf between what market rates suggest and what economists expect opened up in mid-April when political turmoil flared in debt-laden Greece.
Since then, two camps have formed.
Those in the first camp - as reflected in short-term interest rates - suggest the market is heavily bearish about the world's prospects, to the extent that it has factored in up to two 25 basis point rate cuts from the Reserve Bank of NZ before year end.
In the second camp are economists from the major banks and finance houses who argue that New Zealand economic conditions are firm enough to make rate cuts unnecessary, and that to do so would carry inflation risks.