From ANZ economists on the RBNZ decision today:

  • “We think the Reserve Bank now needs a reason to pause, rather than a reason to hike and attention will turn to the currency (it has spiked) and Q2 CPI”
  • Have upgraded their odds of a hike in July
  • Expect a total of 100bp of rate hikes this year (and we’ve already ahd 75 of those)