New Zealand – RBNZ hike the cash rate by 0.25%, as expected

Reserve Bank of New Zealand raises its Official Cash Rate from 0.25% to 0.5% 

 Despite the persistent Delta variant outbreak expectations were nearly unanimous the Bank would hike. 

 more to come    

Background (previews)In August the RBNZ held the cash rate unchanged despite expectations in the weeks and days leading up to the meeting for a hike. Hike expectations were slashed just hours ahead of the August meeting due to the latest COVID-19 outbreak … that has not gone away. 

There is no press conference scheduled for Governor Orr today:

Reserve Bank of New Zealand raises its Official Cash Rate from 0.25% to 0.5%