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The Reserve Bank of New Zealandsaid that rising inflation pressures and ongoing supply disruptions require reduced monetary stimulus, and has hiked its Official Cash Rate by 25bps to 1.0% on Wednesday.

The hike is the third 25bps rise since October, with the bank citing the need for price stability and sustainable full employment, see: MNI STATE OF PLAY: RBNZ To Continue Rate Hikes, Cld Outline QT.

The RBNZ also agreed to start a gradual reduction of bond holdings under the Large Scale Asset Purchase (LSAP) programme - through both bond maturities and managed sales. The RBNZ said capacity pressures were tightening and employment was now above its maximum sustainable level. Inflation, at 5.9%, is running well above the banks 1% to 3% target range but is expected to return to the 2% midpoint in coming years as supply issues improve.

More on the RBNZ outlook will be revealed later on Wednesday when Governor Adrian Orr holds his regular press conference.

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