Double trouble for markets as RBNZ hikes rates

Wed, 13 Apr 2022

New Zealand investors had a jolt this afternoon when the Reserve Bank of NZ (RBNZ) dished up a double helping of interest rate hikes, bringing the official cash rate (OCR) to 1.5%.The S&P/NZX 50 Index fell 14.2 points, or 0.1%, to 11,875. Turnover was $156 million.Stocks were already trading lower this morning after US inflation hit 8.5% overnight, but the index dropped another 15 points when the rate hike hit the headlines at 2pm.Overall, the impact on the local equity market was short-lived, with the RBNZ’s policy decision not as ag...

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