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MNI BRIEF: RBNZ Hikes 75bp; Lifts Cash Rate Peak to 5.5%

(MNI) Perth

A hawkish RBNZ considered a 100bp hike but went with 75bp, lifting rates to 4.25%, saying rates needed to get to a higher level "sooner than previously indicated".

The Reserve Bank of New Zealand considered a 100bp rise but went with a 75bp hike as it assessed that rates needed to be lifted to a higher rate "sooner than previously indicated", after a meeting of its Monetary Policy Committee on Wednesday.

The hawkish tone that accompanied the hike in the Official Cash Rate to 4.25%, the highest level since early 2009, was underscored by an increase in the bank's forecast for rates to peak at 5.5% by September next year in the accompanying Monetary Policy Statement, well up from the 4.1% peak forecast in August's statement.

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The Reserve Bank of New Zealand considered a 100bp rise but went with a 75bp hike as it assessed that rates needed to be lifted to a higher rate "sooner than previously indicated", after a meeting of its Monetary Policy Committee on Wednesday.

The hawkish tone that accompanied the hike in the Official Cash Rate to 4.25%, the highest level since early 2009, was underscored by an increase in the bank's forecast for rates to peak at 5.5% by September next year in the accompanying Monetary Policy Statement, well up from the 4.1% peak forecast in August's statement.

Keep reading...Show less