The Reserve Bank reduced the official cashrate by 25 basis points to 1.5% today.
ANZ Bank NZ Ltd introduced a new factor to its lending policy today – a discount for lifting the construction standard.
The Reserve Bank held the official cashrate at 1.75% today, and governor Adrian Orr said: “Given the weaker global economic outlook & reduced momentum in domestic spending, the more likely direction of our next OCR move is down.”
Reserve Bank governor Adrian Orr’s unsurprising announcement today that the official cashrate would stay at 1.75% told me this:
The US Federal Reserve disobeyed the Commander-in-Chief this morning and raised its funds rate target range another quarter percent, to 2.25-2.5% – the fourth rate hike of the year.
The US Federal Reserve kept the target range for the federal funds rate at 2-2.25% today, and gave no indication when it might next change the rate.