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MNI BRIEF: RBNZ Sees Rates At 3.4% By December

MNI (Sydney)
SYDNEY (MNI)

New Zealand's central bank has hiked by 50 basis points at two straight meetings.

The Reserve Bank of New Zealand on Wednesday upped its forecast for its official cash rate, which it now expects will reach 3.4% by the end of this year and peak at 3.9% by December 2023.

The RBNZ today hiked the OCR by another 50 basis points to 2% as it continues the tightening cycle it began in October, when it started to raise rates from the record low of 0.25% set for the pandemic, (See MNI STATE OF PLAY: RBNZ Considers Pace Of Rate Hikes).

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The Reserve Bank of New Zealand on Wednesday upped its forecast for its official cash rate, which it now expects will reach 3.4% by the end of this year and peak at 3.9% by December 2023.

The RBNZ today hiked the OCR by another 50 basis points to 2% as it continues the tightening cycle it began in October, when it started to raise rates from the record low of 0.25% set for the pandemic, (See MNI STATE OF PLAY: RBNZ Considers Pace Of Rate Hikes).

Keep reading...Show less