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MNI RBNZ Review - May 2022: Hawkish Resolve

EXECUTIVE SUMMARY

  • The Reserve Bank of New Zealand raised the OCR by another 50bp on Wednesday and revised the OCR track to reflect a steeper tightening path, with a higher peak rate.
  • The Committee showed a growing sense of concern with runaway inflation and said stabilising prices is a "priority," despite the risks associated with aggressive hawkish action.
  • Members vowed to eventually return the OCR to more neutral levels, once their task of bringing inflation under control is accomplished.
  • The statement echoed the "stitch in time" narrative, whereby the Reserve Bank prefers raising the OCR more and sooner to avoid a prolonged tightening cycle.

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

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