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

So far:

• 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"

Still to come:

• RBNZ Monetary Policy Statement media conference coming up at 0200 GMT

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ASB forecast cash rate at 5.5% by April 2023. OCR is currently 4.25%. ASB's forecast implies another 125bp in the next two meetings: