Stock market rallies as RBNZ eases rates higher

A dovish tone from RBNZ governor Adrian Orr gave markets a reason to relax.

Wed, 24 Nov 2021

Pressure came off financial markets Wednesday afternoon after the central bank moved the official cash rate up 25-basis points, rather than the 50-point hike markets had been fearing.The Reserve Bank of New Zealand lifted the OCR to 0.75% as it slowly applies the brakes to an economy it considers to be running too hot.ANZ economists said “markets breathed a sigh of relief”, not just because of the smaller hike but also because it only lifted its OCR forecast about half a percent higher than in August.Traders were positioned for a ha...

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