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A Central Bank That Raised Rates Early Now Talks Up Recession
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SYDNEY—New Zealand’s central bank was among the first in the developed world to raise interest rates to restrain a surge in inflation. Fourteen months on and the bank says it is now trying to cause a recession to bring prices under control.
The Reserve Bank of New Zealand’s hard-line approach shows how difficult it can be for policy makers to tame inflation once it has become entrenched. It comes as the Federal Reserve and other central banks adopt a different strategy by pivoting toward smaller interest-rate rises, partly because they fear crashing their economies if they act too aggressively.
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