RBNZ raised the OCR by 25bps to 2.75%, as expected, while the Committee judges that gradually removing monetary stimulus is appropriate to return inflation to the 2% target mid-point while supporting growth and employment

The phrasing here, stimulus being removed gradually rather than restrictively, frames this as normalisation toward neutral rather than a tightening cycle aimed above it, and in past episodes of that framing the two-year tends to sell off modestly while the longer end stays anchored, with the currency reaction hinging on whether the published rate path shifts relative to what was priced. The distinction worth drawing is between central banks that pre-commit to a sequence of hikes and those that signal data dependence after each step; RBNZ communications have historically leaned toward publishing an explicit projected track, which makes revisions to that track the tradable event rather than the decision itself. Watch the updated OCR projection and any change in the terminal point, the tone of the press conference on the domestic inflation mix, and whether offshore drivers, particularly the trans-Tasman rate differential against the RBA, dominate the NZD response as they frequently do once the statement is digested. The follow-on calendar is the next quarterly inflation print and the accompanying labour data, which in this kind of gradual cycle have tended to set the pace question rather than the direction question.