RBNZ Assistant Governor Silk said the bank is more likely to wait until December for its next rate increase. The RBNZ raised the OCR at a second consecutive meeting this week; Governor Breman said further hikes may be required but policymakers want time to assess the impact of earlier moves. “We have been clear that, based on the economic outlook, further rate increases may be necessary,” Silk said, adding the timing — October or December — is undecided but the latter is more likely on the curre

RBNZ Assistant Governor Silk said the bank is more likely to wait until December for its next rate increase. The RBNZ raised the OCR at a second consecutive meeting this week; Governor Breman said further hikes may be required but policymakers want time to assess the impact of earlier moves. “We have been clear that, based on the economic outlook, further rate increases may be necessary,” Silk said, adding the timing — October or December — is undecided but the latter is more likely on the current rate path. Swaps price a 31% chance of a 25bp October hike to 3% and a 100% probability of 3% by December. Silk reiterated the RBNZ has no pre-set tightening path.