ANZ forecast RBNZ cash rate to peak at 3% (prior forecast 2%)

• Reserve Bank of New Zealand projection from ANZ in NZ. ANZ: • We have changed our OCR call, and now forecast the OCR to be lifted in steady 25bp steps to a peak of 3% by April 2023. ANZ citing: • Resource pressures, particularly labour shortages • as well as ongoing global supply chain disruption Saying these imply sustained inflation pressure despite a cooling housing market.