Central Bank Watch
A Non-Unanimous Bank of England Vote to Raise Bank Rate by 25 Basis Points to 4.25%
March 23, 2023
The Bank of England‘s vote in favor of a 25-basis point rate hike to 5.25% was not unanimous, as two of the nine committee members voted to retain a 5.0% level. This was the 11th increase from a base of 0.10% when the first move occurred in December 2021. While officials expect a sharp inflation […] More
Central Bank Watch
Swiss National Bank Interest Rate Lifted by 50 Basis Points to 1.50%
March 23, 2023
Domestic monetary policy is subordinated to fixed exchange rate regimes at the Hong Kong Monetary Authority and the Macau Monetary Authority. The Hong Kong dollar has been pegged to the U.S. currencies since 1983, and Macau links its currency to Hong Kong’s. As a result, whenever the Federal Reserve changes its interest rate, the rates […] More
Central Bank Watch
Hong Kong and Macau Rate Hikes Match Fed’s Action
March 23, 2023
Domestic monetary policy is subordinated to fixed exchange rate regimes at the Hong Kong Monetary Authority and the Macau Monetary Authority. The Hong Kong dollar has been pegged to the U.S. currencies since 1983, and Macau links its currency to Hong Kong’s. As a result, whenever the Federal Reserve changes its interest rate, the rates […] More
Central Bank Watch
Norwegian Central Bank Hike
March 23, 2023
The Central Bank of Norway‘s 3.0% policy interest rate has risen from zero percent as recently as September 2021. Krone depreciation, rising wage growth, low unemployment, and resilient economic activity have driven inflation well above the 2% target, and the central bank’s governor provided forward guidance that more rate hikes are likely: “There is considerable […] More
Central Bank Watch
Central Bank of the Philippines Interest Rate Hiked to 6.25%
March 23, 2023
The new Filipino overnight repo rate of 6.25% marks its highest level since 2007 and a rise of 425 basis points since the pandemic low of 2.0%. CPI inflation of 8.6% last month was almost as high as January’s 14-year peak of 8.7%. Projected inflation has been revised upward but is seen setting in the […] More
New Overnight Developments Abroad - Daily Update
Busy Thursday Calendar for Central Bank Watchers
March 23, 2023
Wednesday belonged to the Federal Reserve, but no fewer than eight other central banks announced their interest rate decisions today. The Swiss National Bank’s policy interest rate was hiked 50 basis points to a 14-1/2 year high of 1.50%. Rate increases of 25 basis points were engineered by the Central Bank of Norway to 3.0%, […] More
