NZ Reserve Bank set to begin tightening cycle with first OCR hike since July 2010

Sun, 09 Mar 2014

By Jonathan Underhill March 10 (BusinessDesk) – The Reserve Bank is expected this week to act on its concerns that inflation will accelerate as the economy gains momentum by lifting its benchmark interest rate for the first time since July 2010. Governor Graeme Wheeler will raise the official cash rate a quarter point to 2.75 percent on Thursday, according to 15 of 17 economists in a Reuters survey. In a year’s time, the OCR will be at 3.75 percent, according to the median expectation of economists. The Reserve Bank has held the OCR at a rec...

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