Official Cash Rate (OCR) set to remain restrictive

Official Cash Rate (OCR) set to remain restrictive

From rbnz.govt.nz

The Monetary Policy Committee today voted to raise the Official Cash Rate (OCR) from 5.25% to 5.50%. The Committee agreed the level of interest rates are constraining spending and inflation pressure. The OCR will need to remain at a restrictive level for the foreseeable future, to ensure that consumer price inflation returns to the 1% to 3% annual target range, while supporting maximum sustainable employment. Global economic growth remains weak and inflation pressures are easing. This follows a period of significant monetary policy tightening by central banks internationally. International supply chain constraints ... (full story)

Added at 10:05pm

RBNZ: GLOBAL GROWTH REMAINS WEAK, INFLATION PRESSURES ARE EASING
— First Squawk (@FirstSquawk) May 24, 2023

Added at 10:05pm

RBNZ SEES CASH RATE PEAKING AT 5.5%, CUTS STARTING FROM 3Q 2024
— IGSquawk (@IGSquawk) May 24, 2023

Added at 10:06pm

RBNZ MINUTES : COMMITTEE AGREED THAT NEITHER DECISION WOULD CAUSE UNNECESSARY INSTABILITY IN OUTPUT, INTEREST RATES, OR THE EXCHANGE RATE
— First Squawk (@FirstSquawk) May 24, 2023

Added at 10:06pm

THE RBNZ PREDICTS NEGATIVE GDP GROWTH IN Q2 AND Q3 OF 2023.
— Breaking Market News (@financialjuice) May 24, 2023

So, RBNZ predicts recession this year in NZ.. at least they're honest unlike other CB's.

Good that NZD has collapsed. Local producers will become more competitive abroad.

Dolar NZD better than USD dollar right now!

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