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Not over yet
Monday 29th of May 2023
It has also pushed back expectations of OCR cuts to the very end of next year.
The bank says the RBNZ pause is not necessarily a peak and by November the data will show inflation is still sticky.
In past tightening cycles the Reserve Bank has paused before hiking again. In 2005 it paused for six months before hiking twice, then went on hold for more than a year before hiking four more times.
ANZ chief economist Sharon Zollner says the big turn in immigration numbers is the main part of the puzzle.
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