The Reserve Bank of New Zealand is expected to raise interest rates on Wednesday to cool a hot economy and runaway housing market, in a decision that will be closely watched by central banks around the world.
Economists said the monetary policy decision would be a close call between a 25 basis points increase in the official cash rate, with more aggressive guidance for further rate rises, or a 50 basis points rise.
The RBNZ’s move is of international interest because it was one of the first central banks to tighten policy after the coronavirus pandemic struck — raising interest rates to 0.5 per cent last month — amid a global surge in inflation.
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