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).
The central bank also released its latest Monetary Policy Statement, which contained an updated track showing a higher OCR. The previous MPS had rates at 2.2% at the end of this year and 3.3% by December 2023.