Shadow Board recommends the Reserve Bank hold the OCR at 5.50 percent in October

From nzier.org.nz

Most Shadow Board members recommended the Reserve Bank should hold the OCR at 5.50 percent in the upcoming October Monetary Policy Review. The full impact of interest rate increases has yet to be transmitted to the broader New Zealand economy. Two members recommended a 25 basis-point hike in the OCR in October. The view was that, with upside risks to inflation appearing more crystalised recently, the Reserve Bank should increase the OCR sooner rather than later if it still expects to start cutting the OCR later next year. Regarding where the OCR should be in a year’s time, the Shadow Board’s core view ranged from ... (full story)