Thursday’s October OCR Review by the Reserve Bank wasthe focus for markets last week. As expected, the OCRremained unchanged at 2.5% and the Bank reiterated thecore message contained in the September Monetary PolicyStatement (MPS) – the OCR will have to go up next year,but the exact timing and extent of the hiking cycle dependson the degree to which the buoyant housing market andconstruction sector generates inflation pressure.
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