RBNZ Interest Rates; Raise or no Raise

Cash rate (%pa)		Bank bill yields (%pa)			Secondary market government bond yields (%pa)				Swap rate spread close (bps)
Date	Official Cash Rate (OCR)	Overnight interbank cash rate	30 days	60 days	90 days	1 year1	2 year1	5 year	10 year	2-10s2
09 May 2023	5.25	–	5.50	5.56	5.62	5.25	4.77	4.15	4.20	-83
10 May 2023	5.25	–	5.51	5.57	5.62	5.25	4.70	4.10	4.17	-81
11 May 2023	5.25	–	5.50	5.56	5.61	5.23	4.63	4.05	4.12	-83
12 May 2023	5.25	–	5.51	5.56	5.60	5.23	4.60	4.01	4.08	-76
15 May 2023	5.25	–	5.51	5.55	5.58	5.19	4.54	3.96	4.05	-78
16 May 2023	5.25	–	5.55	5.59	5.64	5.25	4.63	4.05	4.12	-82
17 May 2023	5.25	–	5.54	5.59	5.65	5.25	4.67	4.08	4.16	-89
18 May 2023	5.25	–	5.57	5.63	5.70	5.34	4.78	4.19	4.26	-96
19 May 2023	5.25	–	5.63	5.72	5.79	5.52	5.04	4.41	4.41	-105
22 May 2023	5.25	–	5.68	5.77	5.82	5.57	5.08	4.43	4.42	–

_{[1] Where there is no suitable benchmark bond, none is reported. See series description for details.[2] The spread between the 2 and 10 year swap rate is presented in basis points to better align with market conventions.}

See the 30, 60 and 90 day rates move 5 points. The 30 and 60 day rates qualify for raise. The 1 year rate qualifies.

Brian Twomey

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