Wholesale interest rates have surged, with the two year swap rates up around 7 basis points. These latest forecasts are contained in the RBNZ's new May Monetary Policy Statement (MPS) also released on Wednesday. Summary of Monetary Policy Committee meeting:The Monetary Policy Committee discussed recent developments in the domestic and global economies and the implications for monetary policy in New Zealand. Higher long-term wholesale interest rates globally have supported wholesale interest rates in New Zealand. In discussing the appropriate stance of monetary policy, members agreed they remain confident that monetary policy is restricting demand.
