Daily Alert: RBNZ out of the blocks

  • The RBNZ hiked the OCR by 25bps (to 0.50%), and maintained an explicit tightening bias.
  • We expect follow up 25bp hikes, with risks of a more drawn out cycle if there is more marked economic scarring from the recent delta outbreak.
  • Republican Olive branch on debt ceiling sees sentiment improve and US markets stabilise after a nervous start.

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