Oops!…They Did It Again

As expected, but not necessarily as desired (at least in my mind), BNM have raised the OPR another 25bp. Read the statement here.

But BNM are also signalling that this will be it for a while (emphasis mine):

The MPC considers the new level of the OPR to be appropriate and consistent with the current assessment of the growth and inflation prospects. The stance of monetary policy continues to remain accommodative and supportive of economic growth.

Unless something drastically changes to the economic outlook, I’d expect the OPR to stay at this level until the end of the year.