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ANZ note that Assistant Governor Hawkesby's earlier address "stressed that in times of uncertainty, a measured policy approach is appropriate - the adaptable approach of the white heron (kōtuku), rather than a 'hawk' (kahu) or 'dove' (kererū). We never thought a 50bp move was a likely start to the hiking cycle; this confirms it. Our OCR forecast is unchanged, with 25bp hikes to come in October and November, with steady hikes thereafter taking the OCR to 1.5% by August next year."