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Shares fall as investors call RBNZ's bluff

Dan Brunskill
Wed, 24 Feb 2021

The Reserve Bank of New Zealand’s promise to keep monetary policy ultra-loose fell on deaf ears in the market as bond yields continued to rise, pushing shares lower and the kiwi dollar upwards. Today, the central bank reiterated prolonged monetary stimulus remains necessary and held the official cash rate at a record low 0.25%, saying the economic outlook was still “highly uncertain”. However, investors were unconvinced the RBNZ would really hold interest rates at that low rate for as long as they had promised. ...

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