Thursday, 14th October, 2021
The RBNZ duly delivered the first lift in the OCR in seven years last week. Markets barely blinked and, indeed, no one should have been particularly surprised. It was one of the more well-signalled and widely expected RBNZ actions in some time. The accompanying Statement was also (commendably) clear. The plan is to keep going with stimulus removal. Things can change of course, and the economic pain and uncertainty associated with COVID restrictions was rightfully acknowledged.