Banks slash floating rates after 50bp OCR cut
The Reserve Bank cut its official cash rate (OCR) by 50 basis points to 4.75%, as expected, and said it assesses that inflation is now within its 1% to 3% target range “and converging on the 2% midpoint.”
BREAKING: OCR 4.75%
The Monetary Policy Committee today agreed to cut the Official Cash Rate (OCR) to 4.75 percent. The Committee assesses that annual consumer price inflation is within its 1 to 3 percent inflation target range and converging on the 2 percent midpoint. [READ ON]