NZ delivers half-point rate hike, to peak at 5.5%

WELLINGTON: New Zealand’s central bank raised interest rates by half a percentage point, slowing its pace of tightening, but signalling further hikes will be needed to tame inflation. The Reserve Bank of New Zealand’s (RBNZ) monetary policy committee lifted the official cash rate (OCR) to 4.75% from 4.25% yesterday in Wellington, as expected by 20 of 23 economists surveyed by Bloomberg. The RBNZ said it’s too early to accurately assess the monetary policy implications of the storm. “Monetary policy is set with a medium-term focus, and the committee will look through these short-term output variations and direct price effects,” the central bank said. Australia’s central bank downshifted to quarter-point moves in October.
Continue reading...

More News On "The Star"