The Reserve Bank (RBNZ) has opted to hold the Official Cash Rate (OCR) at 5.50% for a sixth time in its April review. The RBNZ’s Monetary Policy Committee said the economy was evolving as anticipated with high interest rates reducing capacity pressures and inflation. The Committee reached a consensus to keep the OCR unchanged, the RBNZ said. A restrictive policy position was still necessary and would allow consumer price inflation (CPI) to return to the 1% to 3% target range before the end of 2024. The RBNZ said global economic growth was below trend but most major central banks were cautious about easing policy ... (full story)