Oops, got that one very wrong.
ANZ chief economist Sharon Zollner had been forecasting two further rate cuts in February and May, taking the rate down 0.25 per cent.
Broadly, the US dollar remained firm against a basket of its rivals .DXY as weak risk appetite raised the greenback's safe haven appeal.
There had been debate on the committee about a cut to 0.75% and the impact that would have not only on the economy but savers and others.
Rate setters discussed both options: leaving the OCR unchanged and cutting it by 25 basis points.
"The main thing we seem to be doing in FX today is following a bit of a risk-off tendency", said Katzive.
In the post-meeting statement, the central bank noted that employment remained around its maximum sustainable level.
"We expect economic growth to remain subdued over the remainder of the calendar year".
Later on Wednesday, Fed Chairman Jerome Powell is due to testify on the United States economic outlook before the congressional Joint Economic Committee at 1600 GMT. "We will continue to monitor economic developments and remain prepared to act as required", the statement said.
The RBNZ also pointed to New Zealand's robust export commodity prices and the recent weakness in NZD exchange rates as being supportive of the domestic economy and offsetting risks posed by slowing global growth.
However, business sentiment remains weak and inflation has drifted further away from the midpoint of the RBNZ's 1-3 per cent target band.
"It's flying. It was a massive surprise", said Imre Speizer, head of New Zealand strategy at Westpac Bank in Auckland.
Rising capacity pressures are projected to promote a pick-up in business investment, it added.
The Reserve Bank said that while inflation remained below the 2 per cent target mid-point, economic developments since August did not warrant a change to "the already stimulatory monetary setting at this time". We are committed to achieving our inflation and employment objectives.
The U.S. dollar was stable on Wednesday after consumer prices in October rose more than expected and Federal Reserve Chair Jerome Powell offered an optimistic outlook for the economy, further solidifying the case for the central bank to pause its monetary easing cycle.
That meant a 25bp cut was largely priced into the lending and currency markets prior to Wednesday's monetary policy statement.