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ANZ gets more hawkish, pencils in OCR peak of 6%

The RBNZ previously warned it had a ‘willingness’ to hike again this year because of lingering inflation pressures.

Sharon Zollner has been more hawkish than other economic counterparts.

Key points
  • What’s at stake: Whether the RBNZ needs to hike the official cash rate again in 2024 because of stubborn inflation pressures. 
  • Background: Stats NZ data out last month showed inflation fell to 4.7% in the year to December. The central bank kept the OCR at 5.5% in November. But it said it had a ‘willingness’ to hike again, if needed, this year.
  • Key players: RBNZ, Adrian Orr, Paul Conway, Stats NZ, ANZ, Sharon Zollner.

The country’s largest bank is now forecasting a double-whammy from the RBNZ early this year, with rate hikes this month and April.

As a result, ANZ chief economist Sharon Zollner now expects an official cash rate peak of 6%, with cuts from February next year, “ultimately taking the OCR back to

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Key points
  • What’s at stake: Whether the RBNZ needs to hike the official cash rate again in 2024 because of stubborn inflation pressures. 
  • Background: Stats NZ data out last month showed inflation fell to 4.7% in the year to December. The central bank kept the OCR at 5.5% in November. But it said it had a ‘willingness’ to hike again, if needed, this year.
  • Key players: RBNZ, Adrian Orr, Paul Conway, Stats NZ, ANZ, Sharon Zollner.
ANZ gets more hawkish, pencils in OCR peak of 6%
Economics,
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