Already a subscriber?The Reserve Bank of New Zealand extended its policy to keep interest rates on hold as the central bank navigates elevated inflation and a recession, but warned that more work is needed to get cost pressures under control.
“The addition of ‘this calendar year’ means that rates are in a holding pattern,” said Oliver Levingston, a rate strategist at Bank of America. “For the market, the statement was insufficiently dovish.” The RBNZ was among the first policymakers to withdraw pandemic-era stimulus in 2021 and has, since then, lifted the cash rate by 5.25 percentage points.However, the aggressive rate increases have tipped the economy into a recession, prompting investors to bet on rate cuts this year even as the central bank said it was unlikely because price growth at 4.7 per cent was still well above its goal.
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ASX 200 LIVE: Reserve Bank leaves interest rate at 4.35pc; Bank of Japan liftsShares rise after Reserve Bank kept interest rates on hold; Bank of Japan ends negative rate policy; Michele Bullock press conference coming up at 3.30pm AEDT; Boral board rejects Seven takeover bid. Follow here for more.
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ASX 200 LIVE: Reserve Bank leaves interest rate at 4.35pc; Bank of Japan liftsShares rise after Reserve Bank kept interest rates on hold; Bank of Japan ends negative rate policy; Michele Bullock press conference coming up at 3.30pm AEDT; Boral board rejects Seven takeover bid. Follow here for more.
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