• New Zealand rates at record low in ‘shock and awe’ cut


    WELLINGTON: New Zealand unexpectedly slashed interest rates to a record low on Thursday in a “shock and awe” tactic, stunning financial markets and sending the kiwi currency tumbling. The Reserve Bank of New Zealand cuts its benchmark rate 0.25 percentage points to 2.25 percent and warned there could be more to come. “Further policy easing may be required . . . we will continue to watch closely the emerging flow of economic data,” Governor Graeme Wheeler said in a statement.


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