More from the RBNZ: Estimate of nominal neural cash rate has increased 25bp

Minutes from the Reserve Bank of New Zealand meeting:

• Committee noted inflation is still expected to decline within the target band by the second half of 2024
• Committee agreed that the risks around the inflation projection remain balanced
• Committee noted that the estimate of the nominal neutral OCR has increased by 25 basis points to 2.25% within the projections, consistent with the Reserve Bank’s indicator suite

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Earlier:

• Reserve Bank of New Zealand leave cash rate unchanged at 5.5%, as widely expected
• NZD/USD a few points higher after the RBNZ statement says rates to stay high for some time

Still to come is RBNZ Governor Orr's press conference due at 0300 GMT, 11pm US Eastern time.