The interest rate hike by the Reserve Bank of New Zealand was a hawkish signal that sent the local dollar surging
New Zealand’s central bank raised interest rates by 50 basis points to a more than 14-year high of 4.75 per cent on Wednesday, and said it expects to keep tightening further as inflation remains too high, a hawkish signal that sent the local dollar surging.
“While there are early signs of price pressure easing, core consumer price inflation remains too high, employment is still beyond its maximum sustainable level, and near-term inflation expectations remain elevated,” the central bank said in a statement.
“There was some speculation that the RBNZ would keep the OCR on hold for the time being,” ASB Chief Economist Nick Tuffley said in a note to clients. Addressing a post-policy news conference, RBNZ Governor Adrian Orr said inflation is expected to hit 7.3 per cent in the first quarter before easing.
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