What's next?
OCR kept at 5.50%, two in a row with no change in the OCR.
Current monetary policy working as expected to clampdown the domestic spending therefore tracking well to counter the inflation.
Members of the MPC has mentioned:
"The risks around the lagged effect of previous monetary tightening on households and businesses. The average mortgage rate on outstanding loans is expected to rise from around 5% to near 6% by early 2024, and debt servicing costs as a share of income are still increasing."
Reserve bank has no intention to move on OCR rates, as they are working towards bringing the consumer price inflation between 1% - 3% in the second half of 2024.
Some of the economists are still predicting another rise later this year on the OCR, which could be the max.
Interesting times ahead, with election and CPI update in the next three months, which will give some more clarity.
As reserve bank does their OCR review, it is worthwhile reviewing your mortgage, spending at least 5 - 10 minutes, can potentially save you some interest cost.
If you are unsure, you can engage us, we love to explore options and create an opportunity to grow your wealth.
👉 info@skfg.co.nz
👉0210749825
Poll: Would you rather: Christmas in summer forever or winter forever?
Just a bit of a fun poll to get you thinking.
If you had to live out your Christmas days, would you prefer it was a summer Christmas or a winter Christmas?
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63.3% Summer
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35.4% Winter
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1.3% Other - I'll share below
New Year, New Questions You Won’t Solve!
I get smaller every time I take a bath.
What am I?
Do you think you know the answer to our daily riddle? Don't spoil it for your neighbours! Simply 'Like' this post and we'll post the answer in the comments below at 2pm.
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Head here and hover on the Following button on the top right of the page (and it will show Unfollow) and then click it. If it is giving you the option to Follow, then you've successfully unfollowed the Riddles page.
What it feels like speaking with a MAGA American:
Me: “Your total is $44.19. Cash or card?”
The customer hands me a credit card but the chip inside it has been hole-punched out.
Me: “Uh, I don’t think this will work.”
Customer: “Why not? It hasn’t expired and I have money in my account.”
Me: “Sir… the chip is gone.”
Customer: “I didn’t want the chip.”
Me: “The card won’t work without it.”
Customer: “It just means I can’t enter my PIN, but you can still swipe it.”
Me: “I don’t think it will work, sir.”
Customer: “Just swipe it.”
I swipe it to prove a point.
Me: “It’s not working, sir.”
Customer: “Then you’re doing it wrong. Swipe it again!”
I do so again with the same result.
Customer: “Maybe you should swipe it so that the magnetic strip isn’t the thing being swiped?”
Me: *Swiping it as suggested.* “Sure, why not? About as much chance of it going through without the magnetic strip as there is without the chip – oh look, it didn’t work.”
Customer: “Your machine must be broken!”
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