The RBNZ MPC lowered the OCR by 25bps today to 3.50%. Updated forecasts and OCR track will be published after the 28 May MPC meeting.
This was Christian Hawkesby’s first MPC as Governor after he was appointed for at least a 6-month term this week. A baptism of fire!
By not cutting by 50bps today the MPC took the ‘safe’ approach given the significant tariff-related uncertainties about the global economic outlook.
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