RBNZ raises cash rate by 25 bp to 2.75%

The Reserve Bank of New Zealand raised the Official Cash Rate by 25bp to 2.75%, in line with consensus. With the move fully priced, the immediate market impact is likely concentrated in NZD rates and FX positioning rather than a broad risk repricing. Attention shifts to forward guidance and the projected policy path, which will drive near-term volatility in NZD crosses and local yield curves.