12 months on: OCR stays on hold at 5.5%
The RBNZ has left the official cash rate on hold this afternoon – as widely expected.
WATCH: The OCR has been on hold at 5.5% for a year.
Jonathan Mitchell
Wed, 22 May 2024
Key points
- What’s at stake: Whether the RBNZ has enough evidence to cut the OCR this year.
- Background: The RBNZ has left the OCR on hold at 5.5%. The cash rate has now been at that level for 12 months.
- Key players: RBNZ, Adrian Orr, ANZ, Sharon Zollner, HSBC, Paul Bloxham, Stats NZ, Moody's Analytics, Infometrics, Brad Olsen.
The RBNZ is on track to keep the official cash rate in restrictive territory all year to ensure inflation falls back to target.
It left the OCR on hold at 5.5% – as widely expected – this afternoon, noting services and non-tradeable domestic inflation had been falling slowly.
“Restrictive
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Jonathan Mitchell
Wed, 22 May 2024
Contact the Writer: jmitchell@nbr.co.nz
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Key points
- What’s at stake: Whether the RBNZ has enough evidence to cut the OCR this year.
- Background: The RBNZ has left the OCR on hold at 5.5%. The cash rate has now been at that level for 12 months.
- Key players: RBNZ, Adrian Orr, ANZ, Sharon Zollner, HSBC, Paul Bloxham, Stats NZ, Moody's Analytics, Infometrics, Brad Olsen.
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12 months on: OCR stays on hold at 5.5%
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