All eyes were firmly on the Reserve Bank’s January OCRReview last week. While we were always expecting theRBNZ to remain on hold, with the New Zealand economygathering momentum and inflation printing above forecasts,markets were giving 30% odds on a hike. In the eventthe RBNZ opted to leave the OCR unchanged and firmlysignalled its intention to hike in March. We’re not sure whatMr Wheeler’s batting style was when he played cricket forWellington back in the 1980s. But as Governor of the RBNZhe seems more inclined to “play in the V” rather than try topull the ball over mid-wicket for six.
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