RBNZ defies economists and holds OCR at 1%

RBNZ defies economists and holds OCR at 1%
Jenny Ruth
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, surprising most economists who had expected another cut today.The New Zealand dollar jumped as high as 64.15 US cents from 63.34 cents immediately before the announcement and was quoted recently at 64.03.Wholesale interest rate markets also reacted sharp...

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