Quick take - today's Reserve Bank decision and what it means

The Reserve Bank of New Zealand left the Official Cash Rate unchanged at 5.5% today, having increased it at 12 consecutive meetings between October 2021 and May of this year. The forecasts in the associated Monetary Policy Statement reflected a more resilient economy, a labour market that remains tighter for longer, and higher inflation over the next 12 months. What does this mean for investors, and is there a risk interest rates need to go higher?