Bank economists are split on whether the Reserve Bank (RBNZ) will raise the Official Cash Rate (OCR) on Wednesday or hit the pause button for the fourth review in a row. The July Monetary Policy Review (MPR) is out on Wednesday, July 8, with the RBNZ to reveal if its Monetary Policy Committee (MPC) has decided to increase, hold or cut the OCR. The OCR is the base interest rate set by the RBNZ, and the rate banks earn on any money they hold with the RBNZ. This means when the RBNZ increases the OCR, banks may pass that hike onto their own customers in the form of higher interest rates. The OCR is also the key tool the ... (full story)