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Daily Alert: No smoking gun for 50bps hike in wages data, we lift OCR forecasts to 2.75% peak

  • Yesterday's Q4 labour market data onslaught revealed a tightening in the labour market along the lines we (and the RBNZ) had been expecting
  • The surprise in the numbers was that there wasn't a bigger lift in wage growth
  • We nevertheless formalised the risk we've been flagging and yesterday raised our forecasts for the RBNZ’s OCR

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