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MNI RBNZ Review - April 2022: Stitch In Time

EXECUTIVE SUMMARY

  • The RBNZ raised the OCR by 50bp on Wednesday, delivering its biggest rate hike in more than two decades. Consensus had been looking for a 25bp rate rise, diverging from market pricing which favoured an outsized move.
  • The decision was justified as a conclusion of a "least regrets" analysis as the Monetary Policy Committee weighed disturbingly intense inflationary pressures against dampened consumer confidence and elevated economic uncertainty.
  • Despite a bold move in benchmark policy rate, the Committee signalled that it merely front-loaded stimulus withdrawal, without necessarily taking a more aggressive approach to policy tightening.

Click here to view the full review: MNI RBNZ Review April 2022.pdf

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