Since our last update (published March 23rd) the Reserve Bank of New Zealand held a policy rate meeting where they opted to keep the Official Cash Rate unchanged at 2.25%. This was in line with our own forecast and with market expectations. At that meeting, the RBNZ took the unusual step of publishing updated inflation forecasts, which they usually only do at meetings where a full Monetary Policy Statement is released (February, May, August and November meetings). The RBNZ has upgraded its inflation forecasts per the below: {table} The RBNZ noted in March that they will be taking an orthodox approach to the Iran war ... (full story)