Reserve Bank of New Zealand cuts policy rate by 50bp
Inflation is converging towards 2%, policy-makers say
New Zealand’s central bank cut its policy rate by 50 basis points to 4.75% today (October 9), saying inflation had returned to within the target band.
The Reserve Bank of New Zealand (RBNZ) said in a statement that annual consumer price index (CPI) inflation was now within the 1–3% range and was converging on the 2% midpoint.
The seven-member monetary policy committee discussed whether to cut the official cash rate (OCR) by either 25bp or 50bp at today’s meeting. They agreed that a 50bp cut was
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