NZ shares routed as ANZ forecasts OCR to hit 3%

Bond yields jumped to multi-year highs after ANZ upped its OCR forecast. (Photo: supplied)

Wed, 19 Jan 2022

New Zealand shares fell sharply, and bond yields surged to multi-year highs after ANZ Bank predicted the Reserve Bank would hike the official cash rate all the way to 3%.The S&P/NZX 50 Index fell 202 points, or 1.6%, to 12,612.31. Turnover was $116 million.Local shares were already off to a weak start this morning as global interest rates continued to push higher, putting pressure on equity markets.Key equity indices on Wall Street dropped overnight as US traders returned from a long weekend and were greeted by US 10-year bond yields a...

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