RBNZ goes with the flow with 50bp hike
There was speculation about how much the RBNZ would hike the rate today after the Reserve Bank of Australia (RBA) gave a 25bps lift to its target cash rate instead of the 50 bps that the market had assumed.
The Australian central bank reiterated in its statement that it would continue to lift rates “at pace” as inflation was currently too high.
The S&P/NZX 50 index rose 90 points or 0.8%, to 11,180.01. Turnover was $105.4 million.
Mark Lister, an investment director at Craigs Investment Partners, told BusinessDesk that NZ’s market had a strong performance today due to US and UK markets rallying overnight – but the talk around town had been the official cash rate.
Click the button below to subscribe and will have free unlimited access for a limited time to full article and all other articles on the site.
You will also be able to comment on articles on Good Returns.
![[The Wrap] What the heck is happening at the FMA?](https://goodreturns.publit.io/file/c_fill,w_300,h_200/a6c3bc06-6401-44de-96e2-286c090e132d.jpg)
