OCR hike: not enough or just right?

The Reserve Bank still sees plenty of inflationary demons in the data. (Image: Getty)

Thu, 18 Aug 2022

The Reserve Bank of New Zealand (RBNZ) released its first updated set of economic projections since May in Wednesday's Monetary Policy Statement (MPS).As was widely expected, the bank hiked the official cash rate (OCR) to 3%. They also hiked the OCR track – the rate it expects the OCR to hit in coming months and years – by 15-20 basis points.This was the eighth consecutive upward revision of the OCR track, but also easily the smallest increase in that time.That's because for the first time in a while the data was slightly le...

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