RBNZ Gov. Orr says OCR will need to stay at restrictive levels for the foreseeable future

<p>Reserve Bank of New Zealand Governor Orr:</p><ul><li>Official Cash Rate (OCR) from 2% to 5.5% … the most rapid increase in the Reserve Bank’s history … the effects of this are flowing through as anticipated to our economy</li><li>OCR will need to stay at restrictive levels for the foreseeable future to ensure annual consumer price inflation returns to our 1% to 3% target range, while supporting maximum sustainable employment</li></ul><p>Orr's remarks are not ground breaking. NZD barely moved. </p>

This article was written by Eamonn Sheridan at www.forexlive.com.