ANZ are now forecasting an RBNZ peak cash rate at 5.75% (vs. current OCR at 4.25%)

Earlier:

• RBNZ raise cash interest rate target by +75bp to 4.25%, as widely expected
• NZD/USD higher after the Reserve Bank of New Zealand raises its cash rate target by 75 bp

• Headlines greeting the RBNZ rate hike: "New Zealand delivers its biggest rate hike ever"

• Responses to the RBNZ +75bp rate hike - ASB forecast cash rate at 5.5% by April 2023

• RBNZ Orr says it will be a shallow recession