So the Reserve Bank of New Zealand (RBNZ) did what most economists were expecting and cut the official cash rate by 50 basis points, back to 2.50%, as an emergency response to the earthquake. Was it the right thing to do? Probably. Will it result in a harder inflation challenge later on? Possibly. From a confidence perspective, the earthquake did make a dent, but even before the earthquake things weren't exactly booming. So on balance the move will likely be positive for the New Zealand economy through 2011.
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