{
  "data": {
    "id": "reserve-bank-of-new-zealand-2026-05-27",
    "bank": "reserve-bank-of-new-zealand",
    "bankName": "Reserve Bank of New Zealand",
    "country": "NZ",
    "date": "2026-05-27",
    "announceAt": "2026-05-27T02:00:00Z",
    "timezone": "Pacific/Auckland",
    "dateStatus": "published",
    "movedFrom": null,
    "rateBefore": 2.25,
    "step": 0.25,
    "calendarSource": "https://www.rbnz.govt.nz/news-and-events/how-we-release-information/ocr-decision-dates-and-financial-stability-report-dates-to-feb-2028",
    "citation": "Decision date listed on the RBNZ OCR decision dates page; the RBNZ releases monetary policy and OCR decisions at 2pm New Zealand time (https://www.rbnz.govt.nz/news-and-events/how-we-release-information), here NZST, UTC+12.",
    "settleSource": {
      "role": "decision-statement",
      "pattern": "https://www.rbnz.govt.nz/news-and-events/news/<YYYY>/<MM>/<free-text slug> (e.g. ocr-held-at-2-25-percent)",
      "foundAt": "https://www.rbnz.govt.nz/monetary-policy/monetary-policy-decisions",
      "example": "https://www.rbnz.govt.nz/news-and-events/news/2026/09/ocr-increased-by-25-basis-points-to-2-75",
      "resolvable": false,
      "reads": {
        "right": 0,
        "wrong": 0,
        "void": 0
      }
    },
    "observed": {
      "at": "2026-05-27T02:00:00Z",
      "rateBefore": 2.25,
      "rateAfter": 2.25,
      "direction": "hold",
      "statement": "https://www.rbnz.govt.nz/news-and-events/news/2026/05/ocr-held-at-2-25-percent",
      "observed": true
    },
    "page": "https://macroindex.org/bank/reserve-bank-of-new-zealand/decision/2026-05-27",
    "account": {
      "summary": "The Reserve Bank of New Zealand held the Official Cash Rate at 2.25% on the chairperson's casting vote after the Committee split three to three.",
      "vote": "3–3",
      "dissent": "Three members, Carl Hansen, Hayley Gourley and Prasanna Gai, voted for a 25 basis point increase to 2.50%; the chairperson's casting vote kept the OCR on hold.",
      "reasons": [
        "The Committee said annual inflation was 3.1% in the March quarter and expected it to peak at 4.3% in the September quarter because of the Middle East conflict, before returning to the 2% midpoint in mid-2027.",
        "It noted that core inflation, wage growth and medium- to long-term inflation expectations remained consistent with inflation returning to target, while business and consumer confidence had weakened.",
        "The Committee said it was focused on ensuring that increased costs do not lead to elevated medium-term inflation, while avoiding unnecessary economic volatility."
      ],
      "guidance": "The Committee said the OCR would most likely need to increase sooner and by more than envisaged in the February Monetary Policy Statement.",
      "quote": "On balance, the OCR will most likely need to increase sooner and by more than envisaged in the February Monetary Policy Statement.",
      "links": [
        {
          "label": "Monetary Policy Statement",
          "url": "https://www.rbnz.govt.nz/monetary-policy/monetary-policy-statement/monetary-policy-statement-filtered-listing-page/2026/may-270/monetary-policy-statement-may-2026"
        }
      ],
      "readFrom": [
        "https://www.rbnz.govt.nz/news-and-events/news/2026/05/ocr-held-at-2-25-percent"
      ],
      "at": "2026-10-10"
    }
  },
  "meta": {
    "dataset_version": "2026-10-10.30752eb2",
    "built_at": "2026-10-10T18:04:32Z",
    "generated_at": "2026-10-10T20:40:05.432Z",
    "licence": "CC BY 4.0: credit \"Macro Index\" and link to the site",
    "docs": "https://macroindex.org/openapi.json"
  }
}