NZ Central Bank Leaves Cash Rate Steady at 5.5%, Past Hikes Constraining Activity
Reuters2023-10-04
New Zealand's central bank held the cash rate steady at 5.5% on Wednesday, as policymakers reiterated that past tightening had helped constrain spending and temper inflation as required.
The decision was in line with all 27 economists in a Reuters poll forecasting that the Reserve Bank of New Zealand (RBNZ) would leave the official cash rate (OCR) at a 15-year high for the third consecutive meeting.
"The Committee agreed that the OCR needs to stay at a restrictive level to ensure that annual consumer price inflation returns to the 1 to 3% target range and to support maximum sustainable employment," the central bank said in a statement.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
