Shadow Board recommends the Reserve Bank hikes the OCR by 50 basis points in August and follow up with further tightening

There was a range of views amongst the Shadow Board members on what the Reserve Bank of New Zealand should do with the Official Cash Rate (OCR) over the coming year. However, the majority view was that a 50 basis points OCR increase in the August meeting is warranted, with only two members recommending a different quantum of tightening (25 basis points and 75 basis points each).