Highlights from the minutes to the Reserve Bank of New Zealand meeting:
- Raising the OCR to 5.50% is consistent with the projections
- Reached a consensus
that interest rates will need to remain at a restrictive level for
the foreseeable future - By a majority of
five votes to two, the committee agreed to increase the ocr by 25
basis points - Committee was
comfortable with the projected forward path for the ocr. - Committee discussed
the suitability of keeping the ocr on hold at 5.25% or increasing it
to 5.50% - Committee agreed
that neither decision would cause unnecessary instability in output,
interest rates, or the exchange rate
Earlier:
Next up is RBNZ Governor Orr’s press conference at 3pm New Zealand time, which is 0300 GMT and 11pm US Eastern time.