Reserve Bank of New Zealand Governor Orr:
- Official Cash Rate (OCR) from 2% to 5.5% … the most rapid increase in the Reserve Bank’s history … the effects of this are flowing through as anticipated to our economy
- OCR will need to stay at restrictive levels for the foreseeable future to ensure annual consumer price inflation returns to our 1% to 3% target range, while supporting maximum sustainable employment
RBNZ Governor Orr
Orr’s remarks are not ground breaking. NZD barely moved.