FIRST CUT: RBNZ cuts OCR by 50 basis points to 1%

FIRST CUT: RBNZ cuts OCR by 50 basis points to 1%
Rebecca Howard
By Rebecca Howard Aug. 7 (BusinessDesk) - The Reserve Bank slashed the official cash rate by 50 basis points to 1 percent due to a softer outlook for employment and inflation, slower economic growth and weaker global conditions. The New Zealand dollar tumbled.  "Our actions today demonstrate our ongoing commitment to ensure inflation increases to the mid-point of the target range, and employment remains around its maximum sustainable level," the committee - which includes three external members - said in a statement.  New Zealand's cen...

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