The RBNZ held rates as expected. But with RBNZ being one of the more feisty central banks, you feel a bit cheated when they do what the consensus expects. The RBNZ have always had a reputation of ‘going all in’ when action was concerned, and this this tightening cycle was no exception. Their twelve consecutive hikes added 525bp to their base rate, seven of which were 50bp and a single 75bp hike along the way. The statement and minutes retained their dovish undertone overall, but they can’t not warn that inflation is still ‘too high’ as they need to contain inflation expectations. But with an economy now in recession, ... (full story)