Head of investment strategy Jason Wong told a media briefing in Wellington the yield curve was "very very steep" at the moment, and that the "market is pricing in the fact that short-term interest rates aren't sustainable at current levels". Investors are betting the Reserve Bank will boost the OCR 155 basis points over the next 12 months, according to the Overnight Index Swap curve, down from 162 points before the CPI data was released. For more on this median briefing click here.
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