Goldman Sachs chief economist Andrew Boak said that the Bank of New Zealand's latest communication is clearly tight, especially considering that this was conveyed by one of the most relaxed members of its monetary policy committee. Paul Conway, the Bank of New Zealand's chief economist, said in a speech: “Monetary policy may require a more determined response to re-anchor inflation expectations.” Boak continues to expect the Bank of New Zealand to raise the official overnight loan rate by 25 basis points to 2.75% in September, and said the speech highlighted the risk of further interest rate hikes in the near future.

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