RBNZ holds the benchmark interest rate at 2.75%, versus expectations of a hike to 3.00%

The Reserve Bank of New Zealand said in a statement on Wednesday: "Global economic growth, while resilient, is increasingly fragile due to geopolitical tensions, high energy prices, financial stress, and a surge in AI-related investment. New Zealand's recovery may be stronger than expected, but it could lose momentum if the global environment deteriorates or export growth fails to jobs, incomes, and household spending." "All Committee members agreed on the overall outlook for inflation, but differed on the weighting of various risks and the timing of the monetary policy response. The Committee unanimously agreed that monetary policy may need to be tightened, but this still depends on the economic outlook."