HKMA raises interest rate after Fed’s hike
The Hong Kong Monetary Authority raised its benchmark interest rate by 75 basis points today (November 3), hours after the US Federal Reserve’s hike.
The HKMA increased its base rate charged via the overnight discount window from 3.5% to 4.25% – the highest level in 14 years. The central bank has so far delivered six rate hikes this year, for a total of 375 basis points.
Hours earlier, the Federal Open Market Committee raised the federal funds rate to a target range of 3.75–4%, its highest
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
More on Monetary Policy
Riksbank governor stresses Swedish banks’ strength
Thedéen says “inflation needs to come down significantly” in 2023
Nigeria and Morocco raise rates
Inflation hits record level in Morocco and remains high in Nigeria
SNB increases rates by 50bp in wake of Credit Suisse crisis
Swiss central bank sold Sfr27 billion in foreign currency in Q4 to tighten financial conditions
Brazilian MPC holds rates despite pressure
President says policy rate is “absurd” but MPC says expectations not yet anchored round targets
Costa Rica cuts rates, bucking Latin American trend
Argentina resumes monetary tightening, while Paraguay continues to hold
Three Asian central banks raise rates
Central banks in Taiwan, the Philippines and Hong Kong continue with monetary tightening
Lagarde lays out ECB’s data-dependent rate path
ECB president stresses bringing inflation to target is “non-negotiable”
RBA says interest rate pause is on the cards for next month
Central bank says monetary policy is in “restrictive territory”