New Zealand's central bank held the cash rate steady at 5.5% on Wednesday, hitting pause as expected and flagging rates would be on hold for some time, with most economists still expecting rate cuts to come in 2024.
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New Zealand's central bank left its key interest rate unchanged on Wednesday after tightening the policy over the past twelve consecutive sessions. The Monetary Policy Committee of the Reserve Bank of New Zealand governed by Adrian Orr, decided to leave the Official Cash Rate at 5.
Shares fall as Federal Reserve minutes indicate that rates are likely to rise again in July; Magellan records $2.1 billion in outflows; local trade data ahead. Follow updates here.
WELLINGTON (Reuters) -New Zealand slipped into recession as the economy shrank in the first quarter, data showed on Thursday, reducing the risk the central bank would need to hike interest rates further but creating a new headwind for the government's re-election hopes. Gross domestic product (GDP) matched analysts' expectations of a 0.1% contraction in the March quarter but was well below the Reserve Bank of New Zealand's (RBNZ) forecast of 0.3% growth. Furthermore, fourth-quarter GDP was revised to a contraction of 0.7% from a decline of 0.6%.