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29 November The RBNZ left the cash rate unchanged at 5.5% today. No surprises there. But their hawkish tone certainly surprised. The RBNZ revealed an upwards bias to inflation risks and will not call job done until they see the fruits of their labour ...
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Reserve Bank leaves Official Cash Rate unchanged at 5.5% but warns if inflation proves stronger than expected it may have to hike the OCR again
The Monetary Policy Committee today agreed to maintain the Official Cash Rate at 5.50%. Interest rates are restricting spending in the economy and consumer price inflation is declining, as is necessary to meet the Committee's Remit. However, inflation remains too high, and the Committee remains wary of ongoing inflationary pressures.
The policy decision is clear-cut. Not only should the central bank lift rates on Tuesday, but it also needs to signal that an increase in December is likely.