New Zealand’s central bank has pushed its benchmark interest rate up by a record 0.75 percentage points, as it works to tame inflation even as other economies have signalled caution over monetary tightening.
The Reserve Bank of New Zealand said on Wednesday that further monetary tightening was required to bring inflation back within its target range after hitting 7.2 per cent in September, sparking a sell-off in sovereign bonds.
New Zealand’s two-year bond yield surged by 0.19 percentage points to about 4.6 per cent on Wednesday. Yields on the benchmark two-year paper have risen almost 2.5 percentage points this year.
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