Yes the Reserve Bank has increased the OCR 25 points to 3% as predicted.
The good news, and key part of this morning’s statement is that even after today’s move, the level of the OCR is still very supportive of economic activity.
The pace and extent of further OCR increases are likely to be more moderate than was projected in the June Monetary Policy Statement.
Translated this means that mortgage rates will rise, but not as fast as earlier predicted.
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