Is monetary policy having any impact?

Is monetary policy having any impact?
The border reopening increased demand for workers in hospitality and education. (Image: Getty)
Andy Fyers
The Reserve Bank of New Zealand (RBNZ) has raised interest rates by 3.25 percentage points in the past 12 months.The bank is hoping this will soon slow demand in the economy and ease labour shortages, all without starting a recession.Inflation figures for the third quarter, out today, are expected to show annual inflation stubbornly at 6-7%.Economic sentiment has definitely been hurt by higher interest rates and inflation. But activity in the actual economy has so far been resolute.For now, the RBNZ thinks its current path of hiking the officia...

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