New Zealand Rolls out Single Biggest Rate Hike in History, Warns of Recession

[Epoch-Times-Bot]

New Zealand Rolls out Single Biggest Rate Hike in History, Warns of Recession

The New Zealand Reserve Bank (RBNZ) has delivered its largest official cash rate (OCR) hike of 75 basis points to 4.25 percent, after figures revealed inflation remained stubbornly high.
Across 16 months, the RBNZ has raised the OCR by 400 basis points (bp) over nine consecutive hikes.
The OCR currently sits at the highest level since 2009 and is expected to peak at 5.5 percent in the latter half of 2023.
The Reserve Bank committee noted that a full 100 basis point hike had also been considered.
"Members agreed that a larger increase in the OCR was appropriate, given the resilience of domestic spending, and the higher and more persistent actual and expected inflation outcomes," the committee said....

Source: New Zealand Rolls out Single Biggest Rate Hike in History, Warns of Recession

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