The central bank is now expected to keep the OCR at 3.5% for longer than expected, perhaps until September next year.
ASB chief economist Nick Tuffley said he expected the Reserve Bank's economic growth outlook would not have changed much, but weak near-term inflation would be more on the radar.
Key comments to look for were:
• Some acknowledgement of risks to global growth.
• Noting of lower dairy prices and spending impact.
• Observation the New Zealand dollar had moderated but remained unjustifiably high - or a similar expression of continued discomfort.
• Comments on the subdued nature of inflation and the consequent scope to keep interest rates on hold.
''We have trimmed our peak OCR forecast to 4% with OCR increases pencilled in for September 2015 and March 2016.''
However, whether the OCR moved above 4% depended on several factors and timing.
Those factors included the extent to which global long-term interest rates lifted, the depreciation of the New Zealand dollar and any resurgence in the housing market, he said.
''If the Reserve Bank remains on hold for that much longer, current market pricing starts to look reasonably realistic. That said, the flatness of the yield curve provides a good deal of certainty at relatively low cost.''
The window to take advantage of the flat interest rate yield curve was not likely to close rapidly, although there was potential for global yields to lift slightly if some recent market fears were overblown, Mr Tuffley said.
BNZ interest rate strategist Kymberly Martin agreed the Reserve Bank could start lifting interest rates in September next year but it was difficult to make a precise prediction.
Last week's consumer price index, the official measure of inflation, increased the probability of an even later hike.
''There will be plenty to monitor between now and then. Importantly, after being consistently surprised to the low side, the Reserve Bank will now be inclined to wait and see higher inflation before it responds.''
The BNZ now expected the OCR to peak in early 2016 but at 4.5% rather than the previous forecast of 4.75%, she said.
That would complete the process of normalising the OCR after an extended period of historically low rates.
''We do not see any immediate catalysts to push market expectations higher. The central bank will likely feel compelled to highlight there are now two-sided risks to the inflation outlook.
"But it will be wary of lowering market expectations, which already price very little in the way of further rate hikes,'' Ms Martin said.
Harbour Asset Management analyst Christian Hawkesby said given a stubbornly strong NZ dollar in the third quarter was a key driver of low tradables inflation, the CPI might provide the Reserve Bank with renewed vigour to continue its campaign of lowering the NZ dollar to a more sustainable level.
''So we expect strong words and threats of further intervention.''
New Zealand's low CPI inflation had been part of a broader theme of persistently low global inflation, removing the urgency for policymakers to remove monetary policy stimulus.
Importantly, in the United States, low inflation had been combined with signs of strengthening economic activity, steady job creation and strong company earnings growth.
