The Reserve Bank of New Zealand raised the cash rate from 1.5% to 2.0%. As expected.

Eyes now turn to the statement to assess what is likely to come in the months ahead.

From the statement:

Reminder, Reserve Bank of New Zealand Governor Orr follows up with this press confernce at 0300 GMT

Text of the statement is here

May statement projects a higher cash rate to come still:

rbnz 25 May 2022
  • In September 2022, the RBNZ expects the official cash rate to be 2.68% (previous 1.89%).
  • By June 2023, the RBNZ expects the official cash rate to be 3.88% (previous 2.84%).
  • In September 2023, the RBNZ expects the official cash rate to be 3.95% (previous 3.1%).

---

Background to this: