RBNZ Gov. Orr says sees below-par growth but not forecasting a recession

Earlier from the Reserve Bank of New Zealand:

• RBNZ hikes its cash rate by 50bp as expected

• New Zealand dollar gaining after the RBNZ raises its projections for the cash rate ahead

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Orr:

• in a strong position to get on top of inflation
• household balance sheets are still healthy
• some heat will come out of the labour market as demand slows
• slower consumer spending leading to slower growth
• did not consider a 75bp rate hike today
• the moves by 50bp have been orderly, sufficient

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