New Zealand‘s consumer inflation came in slightly above expectations in the second quarter, driving swap rates higher as the market pushed out expectations for when the central bank might start cutting the cash rate. | Reuters
While it has said it now believes that the rate increases are having the desired impact on dampening inflation, it expects rates to hold at a “restrictive level” for the foreseeable future.dollar rose 0.4 percent to US$0.6297, while the two-year swap rates rose 8 basis points to 5.415 percent, as markets pushed out the timing for their expectations of the first cut.
“Data reinforce that the RBNZ can not yet pat itself on the back for a job well done,” said ASB senior economist Kim Mundy. “Moreover, the RBNZ will most likely be concerned to see that price
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