New Zealand’s rate hiking cycle has a long way to go

The Reserve Bank of New Zealand (RBNZ) raised its policy rate by 25bp to 3.0% today, and made it clear in its statement that more rate hikes are on the way. Although the RBNZ’s own forecasts have not been the most reliable guide to future rate changes, we think the conditions are now in place for a prolonged cycle of rate hikes.

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