RBNZ Hikes OCR, Focus Shifts to Track and Vote Split

The Reserve Bank of New Zealand (RBNZ) has increased its Official Cash Rate (OCR) by 25 basis points to 2.75%. This decision was widely expected, with markets pricing in a near certainty of a rate hike.

Despite the expected outcome, the reaction from financial markets will depend on where the RBNZ's updated OCR track prints relative to expectations, as well as the vote split from the Committee.

RBNZ Governor Adrian Orr stated that policy is not on a preset course and that the timing of any rate rises remains highly uncertain.