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Bank's rate catches market on the hop
Wednesday 17th of March 1999
The Reserve Bank caught most of the market on the hop yesterday when it set its first official cash rate at 4.5 per cent.
The rate is 0.5 per cent higher than market expectations and indicates the bank doesn't subscribe to the theory inflation is dead.
Brokers CS First Boston says the market initially interpreted 4.5 per cent as hawkish, however deeper analysis of the bank's monetar...
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