New Zealand – RBNZ hike the cash rate by 0.25%, as expected

• monetary stimulus further reduced
• says appropriate to continue reducing the level of monetary stimulus
•  further removal of monetary policy stimulus is expected over time
• cost pressures are becoming
  more persistent
•  current covid-19-related
  restrictions have not materially changed the medium-term outlook for
  inflation and employment
• capacity pressures remain
  evident in the economy
• economic activity will recover
  quickly as alert level restrictions ease
• headline cpi inflation is
  expected to increase above 4 percent in the near term
• says inflation to return towards 2
  percent midpoint over the medium term

And, from the Minutes to the meeting, Headlines via Reuters: 

•   committee noted that further removal of monetary policy stimulus is
  expected over time
•  future moves contingent on
  the medium-term outlook for inflation and employment.
• policy stimulus will need
  to be reduced to maintain price stability and maximum sustainable
  employment over the medium term.
• demand shortfalls are less
  of an issue than the economy hitting capacity constraints
• number of factors are
  expected to constrain house prices over the medium term
• committee will be watching
  closely how the economy adjusts to the ongoing disruption from
  endemic covid-19
• early data suggest that
  business and consumer confidence remained robust during the latest
  lockdown

In August the RBNZ held the cash rate unchanged despite expectations in the weeks and days leading up to the meeting for a hike. Hike expectations were slashed just hours ahead of the August meeting due to the latest COVID-19 outbreak … that has not gone away.