New Zealand two-year interest rate swaps fell 26 basis points to 5.235% after the RBNZ announced its rate decision.

RBNZ: Budget 2023 expected to increase demand in 2023/24.

RBNZ: Rising mortgage rates could limit spending.

RBNZ: The policy lag means the full effects of rate hikes will take some time to emerge.

RBNZ: Businesses report slowing demand for goods and services.

The RBNZ agreed on the need to maintain restrictive policy.

RBNZ: The net impact of immigration on consumption is uncertain.

Federal Reserve Bank of New Zealand: Policies have sufficient regulatory effect on the economy.

2-year NZD swaps fell 14 basis points after the RBNZ rate decision.

Federal Reserve Bank of New Zealand: Rebuilding disaster-affected tropical storms will support economic activity.

RBNZ: Committee satisfied with expected path of official cash rate (OCR).

New Zealand Federal Reserve: Still need to raise interest rates to achieve inflation target.

New Zealand Federal Reserve: Insufficient demand is now the main factor constraining economic activity.

RBNZ: The committee agreed that neither rate decision would lead to unnecessary instability in output, interest rates or the exchange rate.

RBNZ: Committee discussed whether it would be appropriate to keep the official cash rate (OCR) at 5.25% or raise it to 5.50%.

New Zealand Federal Reserve: It is expected that the inflation rate will return to the target range of 1-3% in the third quarter of 2024.

New Zealand Federal Reserve: Global economic growth remains weak and inflationary pressures are easing.