RBNZ overcooked it and knows it
ANALYSIS: New Zealand was the second country after Norway to begin raising rates as inflation rose, and it went faster and higher than most other jurisdictions around the world.
Illustration: Michael Hickmott.
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The Reserve Bank’s commentary after cutting the cash rate on Wednesday by 50 basis points to 4.75% was brief, but indicated no clear signs it would slow up in November.
Is this an acknowledgement that the central bank held on too high, for too long?
David Seymour certainly thinks so.
“Today’s
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