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Central Banks In Tightening Mode Over High Inflation, Recession Worries
(RTTNews) - Global central banks unleashed a large amount of policy tightening this week, led by the Federal Reserve that delivered a bigger-than-expected 75 basis points hike on Wednesday, as policymakers across the world are increasingly worried about the persistence of runaway inflation and the prospect of a recession.
In Europe, the European Central Bank grew concerned over the rising peripheral bond yields and signaled on Wednesday that it is preparing a new tool to address the fragmentation risk in the euro area.
On Thursday, the Bank of England raised rates on expected lines, while the Swiss National Bank surprised with an unexpected hike.
Meanwhile in Asia, the Bank of Japan refused on Friday to join its peers in raising rates and maintained its ultra loose monetary policy, even vowed more easing if necessary.
Taiwan's central bank on Thursday raised its policy rate for a second time. Hong Kong's de facto central bank followed the Fed and lifted its key rate.
In South America, Brazil's central bank raised its key interest rate, called the Selic, on Wednesday, and signaled more tightening ahead.
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