But in those upcoming three years, the RBNZ has signaled it will likely be raising its OCR by +1.75% in regular +25 bps increments. AUGUST POWER CUTS UNNECESSARYReport ordered by the Government finds that the power cuts on one of the coldest nights of the year 'need not have happened' as there was enough load to keep the lights on. In contrast, there was one case in New Zealand at the border, and 178 new community cases today (again). The New Zealand Govt 10 year rate is now at 2.53% and up +3 bps after yesterday's big fall, but well below the earlier RBNZ fix for that 10yr rate at 2.57% (-4 bps most of which happened yesterday). NZ DOLLAR NET-SOFTThe +25 bps OCR rise and forward commentary 'disappointed' markets and the NZD fell last night.

Source: New Zealand Herald November 25, 2021 06:32 UTC