RBNZ’s Wheeler says future rate hikes to come at 'later stage', keeps OCR unchanged

From scoop.co.nz

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent, saying any more rate hikes will be at a later stage as the central bank pulled back its track for future increases as tepid inflation provides scope to let the economy grow rapidly for longer. The New Zealand dollar jumped. “Modest inflation pressures suggest the expansion can be sustained for longer than previously expected with a more gradual increase in interest rates,” Wheeler said in today's monetary policy statement. “Some further increase in the OCR is expected to be required at a later stage.” Wheeler left the OCR ... (full story)