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RBNZ Preview: Consensus tilts towards no rate hike surprises
The Reserve Bank of New Zealand on February 28 will deliver its first policy update since November. The overwhelming consensus view is for the bank to leave the official cash rate (OCR) unchanged at 5.5%. But after ANZ projected rate hikes at both the February and April meetings, the decision will garner greater attention than usual. Currently, rate expectations attach a 30% chance of a hike at the upcoming meeting. If there was a central bank to surprise with a rate hike it would be the RBNZ. It was the first to cut rates in response to the COVID pandemic, the first to raise rates following the surge in inflation ... (full story)