Reserve Bank decides to leave settlement account interest rate at OCR, and set reverse repo rate 10 basis points higher

Large moves higher in global bond yields led by shorter maturities. Investor risk appetite remains subdued - global equities under pressure. ECB leaves rates unchanged as markets reflect expectations of hikes ahead. Ditto Bank of England

Officials eye targeted support as fuel crisis deepens, with economists warning of widespread cost pressures and inequality researcher noting some people have no resilience against this kind of shock

While GDP data shows economic growth, ‘it was still barely at a pace that would have halted the rise in unemployment or added to domestic inflation pressures,’ Westpac senior economist says