New Zealand's central bank raised its benchmark interest rate again Wednesday to 5.5% but signaled its next move would be a cut, sparking a sell-off in the currency.
Wednesday's quarter-point rate rise was the 12th straight hike imposed by the Reserve Bank of New Zealand since October 2021. But for the first time since the tightening cycle began, the bank projected the next move would be a cut, which would likely come later next year.
