A clear message from the Reserve Bank Governor. 

The central bank held the Official Cash Rate at 5.5%, and signalled any cuts aren't on the immediate horizon. 

It's also left the door open for another rise if inflation pressures are stronger than expected. 

Governor Adrian Orr told Mike Hosking that their statement was intentionally hawkish. 

He says they don't see room for rate cuts anytime soon, and markets had been trying to guess when that would happen. 

LISTEN ABOVE 

• What does today's OCR update mean for the fight against inflation?
• Unlikely the Reserve Bank will need to hike the OCR further, says expert
• Orr's OCR surprise- why cuts might not start until mid-2025