Swap rates rise substantially.

[kiwi2007]

.5 jump right across all years.
1 year now the highest it's been since 2008.

https://www.interest.co.nz/charts/interest-rates/swap-rates

[Fiordland Moose]

Yes I'm glad someone also noticed

Huge increases in various rates

90 day bank bill: from 5.58% on the 15th to 5.79% COB
1 yr swap: 5.51% to 6.0%
2 yr swap: 4.9% to 5.49%
5 yr swap: 4.23% to 4.61%
10yr gov: 4.05% to 4.41%

Implies OCR higher for longer and inversion signals increased chances of recession.

Horrifying, budget induced rises in wholesale interest rates.

Fingers crossed they prove a knee jerk reaction. However, for today anyway, it appears the market is starting to agree with Westpac's call that the OCR will reach 6% (ANZ by reference now 5.75%).  Rates are volatile, but this is a big increase (!)

[kiwi2007]

And today they fall, quite a bit if not substantially...also taking a dive is the NZ$

https://www.interest.co.nz/charts/interest-rates/swap-rates

https://www.xe.com/currencycharts/?from=GBP&to=NZD&view=1D

[kiwi2007]

https://www.interest.co.nz/bonds/128907/david-chaston-looks-forces-unusually-driving-swap-rates-below-nz-government-bond