RBNZ begins monetary tightening with 25bp hike
Central bank is confident inflation will return to target, but says growth will be “volatile”
The Reserve Bank of New Zealand’s monetary policy committee increased interest rates by 25 basis points to 0.5% today (October 6), in a bid to contain inflation while still supporting employment.
In a statement, the MPC said any future increases in the official cash rate would be contingent on the medium-term outlook for inflation and employment.
As the Covid-19 pandemic struck, the RBNZ cut interest rates by 75bp from 1% to 0.25%. Today’s decision is the first time in seven years the central
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