New Zealand 10-year Treasury bond yields rally 4.0% on RBNZ-led action – by anilpanchal7 NewZealand RBNZ Bonds Intermarket CentralBanks
RBNZ matches market forecasts of announcing 0.75% rate hike, unveiled recession fears.Speech from RBNZ Governor Adrian Orr will be important for fresh clues.
That said, the RBNZ matched market forecasts while announcing 75 basis points of a rate hike during its updates to convey the tenth interest rate lift. It should be noted, however, that downbeat economic forecasts suggesting recession in 2023 and sour comments from New Zealand Finance Minister Grant Robertson, suggesting a recession is on the doorstep, also played their roles.
In addition to the actual 75 bps rate hike, the tenth in the line, the statements from the monetary policy report suggesting that the policymakers also considered a 100 bps rate hike, before announcing the latest move, seemed to portray the utter hawkish move by the RBNZ.
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