Economist Tony Alexander is warning more hikes are on the horizon.
The wholesale cash rate has increased 25 basis points, to 0.50 percent.
Two bank economists expect the Official Cash Rate to rise on Wednesday.
Finance Minister Grant Robertson discusses the Reserve Bank Monetary Policy Statement.
The wholesale cash rate has been left unchanged.
The Reserve Bank expected to "hold fire" on pushing interest rates up while the Government puts out support to businesses.
ASB is forecasting the OCR to rise in August, October and November.
The official cash rate is still 0.25 percent.
"A rate hike (or four) is coming," bank economist says.