FIRST CUT: RBNZ defies economists and holds OCR at 1%

Wed, 13 Nov 2019

The Reserve Bank held interest rates steady, saying economic changes since its last review in August "do not warrant a change to the already stimulatory monetary setting at this time." RBNZ held the official cash rate at 1 percent after previously cutting it by 75 basis points earlier this year. The New Zealand dollar jumped to 64.11 US cents from 63.34 cents immediately before the announcement. According to a Bloomberg survey conducted early this week, 15 out of 21 economists were predicting RBNZ would cut the OCR to 0.75 percent from...

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