YM ticks away from best levels as the RBNZ delivers the widely expected 50bp OCR hike. The Bank was not afraid of flagging brisk tightening intentions via its updated OCR projection track, as it looks to return inflation to the target band. The fight against inflation remains paramount in the near-term. Further out, the Bank noted that “once aggregate supply and demand are more in balance, the OCR can then return to a lower, more neutral, level.” XM has been stagnant. YM last +11.0, while XM is +9.0. Incremental moves have been observed in market pricing re: the RBA cash rate, with BBG WIRP still pointing to the IB strip indicating a sub 2.50% cash rate at year-end.
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