Reserve Bank hikes OCR by 75bps, peak now seen at 5.5%

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Wed, 23 Nov 2022

The Reserve Bank of New Zealand (RBNZ) lifted the official cash rate (OCR) by an unprecedented 75 basis points to 4.25% and its forecasts indicate there’s more to come. The central bank's forward-looking track now sees the OCR peaking at 5.5% in September 2023 versus a prior view of 4.1% in June 2023.“The committee agreed that the OCR needs to reach a higher level, and sooner than previously indicated, to ensure inflation returns to within its target range over the medium term,” it said. Increases of 50, 75 and 1...

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