going to 4%WELLINGTON (Reuters) - New Zealand's central bank on Wednesday delivered its seventh straight interest rate hike and signalled a more hawkish tightening path over coming months to restrain stubbornly high inflation.
The aggressive tone of the Reserve Bank of New Zealand's (RBNZ) statement warning of future hikes being brought forward lifted the local dollar and pushed swap rates higher.
The RBNZ raised the official cash rate (OCR) by 50 basis points to 3.0% as expected, a level not seen since September 2015, and crucially, it now sees rates at 4.0% by early next year, compared to a previous projection of 3.7%.
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