The Reserve Bank has hiked up the OCR by 50 basis points, despite the economic damage left by Cyclone Gabrielle.
This takes the OCR to 4.75, with the Reserve Bank predicting a further peak at 5.5 percent.
ASB senior economist Chris Tennent-Brown says going forward with the OCR increase was a pragmatic move from the Reserve Bank.
Chris Tennent-Brown says that today's hike was smaller than predictions from 2022 expected, which is a sign the Reserve Bank may be at the end of this cycle.
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