The aftershocks keep coming. One ran through the Reserve Bank early this month. The epicentre was the Beehive ninth floor.
The original quake hit the Bank the day of Christchurch’s disaster but there was too little data on which to make a sensible official cash rate (OCR) call so it waited until the regular date last Thursday. Meanwhile, Governor Alan Bollard made a reassuring speech, which some took to foreshadow a rate standstill. Others took the opposite view and began to bet on a cut by cutting market rates. Bank economists were vocal on both sides.