Economic Weekly: RBNZ signals mission accomplished

  • When lifting the OCR by 25bp to 5.5% last week, the RBNZ confounded most people by signalling that it has now done enough to control inflation  
  • In contrast, forecasts ahead of the announcement were that the OCR would peak at 5.75% or 6%, and market pricing implied a 5.9% peak and some chance of a 50bp move last week alone
  • We had shifted to expecting a final 50bp increase to 5.75%. Yet, just a few weeks ago, widespread views were a 25bp increase in May would be the final lift of this tightening cycle

Contact us

Mark Smith

Senior Economist

Mark joined ASB in 2017, with over 20 years of public and private sector experience working as an economist in New Zealand and the UK.

His resume includes lengthy stints at ANZ and the Reserve Bank of New Zealand, and he has also worked at the Bank of England, HM Treasury and the New Zealand Transport Agency. Mark's areas of specialisation include interest rate strategy, macro-economic analysis and urban economics.

Born and bred in the Waikato, Mark studied at Waikato University where he graduated with a Master of Social Sciences, majoring in Economics.

Mark's key strengths are the ability to use his extensive experience, inquisitive nature, analytical ability, creativity and pragmatism to dig a little deeper and to deliver common sense solutions to tackle complex problems.

When not at work Mark likes to travel, keep fit and spend time with his friends and family.