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The central bank is set to lift rates to the highest point in over 10 years, continuing an aggressive tightening cycle which could end sooner than anticipated, according to analysts.
With Hong Kong’s monetary policy linked to that of the US, hopes of respite from higher prime rates in 2023 are doomed to disappointment. Despite expectations of policy easing, the Fed is solidifying its anti-inflation credentials as the influence of any central bank rests on its credibility.
Hong Kong’s de facto central bank stepped into the currency market ahead of an expected US interest rate rise on Thursday, as it seeks to defend the local dollar against the weakening effects of capital outflow.
The Reserve Bank of Australia has surprised the market with a 50 basis point hike to 0.85%, its second consecutive rise.
Yellen, a former Federal Reserve chair, last year dismissed long-lasting inflation as a problem for the US economy, saying it was a small and manageable risk.