LONDON : Major central banks are steadily moving closer to a pause in their aggressive interest rate hiking campaigns. The U.S. Federal Reserve has just implemented its smallest rise of its tightening cycle so far. The European Central Bank and the Bank of England raised rates on Thursday, but markets sus
LONDON : Major central banks are steadily moving closer to a pause in their aggressive interest rate hiking campaigns.
Fed Chair Jerome Powell said it would"not be appropriate" to cut rates in 2023 and warned inflation remained too high, pushing back against an exuberant market rally driven by hopes of eventual rate cuts. Powell offered no clues on how many hikes were due this year, saying decisions would be made"meeting by meeting."The Bank of Canada on Jan. 18 lifted its key rate by 25 basis points to 4.5 per cent, the highest level in 15 years.
Minutes from the meeting showed the RBNZ also considered a larger 100-basis-point hike but opted for a smaller increase. The central bank raised its forecast for its peak interest rate to 5.5 per cent, up from a previous forecast of 4.1 per cent.The BoE, the first major central bank to turn hawkish back in December 2021, on Thursday lifted its Bank Rate for the tenth time running to 4 per cent, the highest since 2008.
It said it intends to hike the rate by another 50 basis points in March to bring inflation down to its 2 per cent medium-term target.
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