The risk of an RBNZ rate hike "is real" ...Middle East

We had the Reserve Bank of New Zealand policy announcement earlierRBNZ leaves cash rate unchanged at 5.5%, as expectedand a jump for the kiwi$RBNZ Policy Meeting: NZD/USD surgesWestpac response (in brief): RBNZ ... was more hawkish on future prospects. RBNZ’s projections continue to reflect the risk of further increases in the OCR in 2024. An easing cycle looks quite some time off.RBNZ’s projections for the OCR were revised 10bp higher to a peak of 5.69% in September 2024, implying around a 75% chance of a further 25bp rate hike.The projections imply a gradual easing of policy from the first half of 2025. The long-run neutral OCR was adjusted up 25bp to 2.5%. ... more tightening may be req

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