Last Updated on September 23, 2022 by Bitfinsider
On Thursday, September 22, a number of central banks from across the world increased interest rates once more, joining the US Federal Reserve in a global campaign against inflation that is upending the financial system and the global economy.
Japanese officials intervened to strengthen the yen for the first time since 1998 on Thursday after traders drove the currency to a record low versus the dollar. Japan, the outlier among the major industrialized countries, had kept interest rates unchanged on Wednesday.
The Fed set the tone on Wednesday with a 0.75 percent rate increase, its fifth since March. Within hours, 12 other central banks, from Norway to Indonesia, followed suit with increases of comparable or same size, frequently offering advice indicating further action.
They are battling inflation rates that range from 3.5% in Switzerland to almost 10% in Britain. This is because demand has increased since the pandemic subsided, but supply has lagged, especially from China, and prices for fuel and other essentials have increased as a result of Russia’s invasion of Ukraine.
While central bankers were emphatic that taming runaway price increases was their top priority right now, they were also bracing for the negative effects their measures would have on the economy, as rising borrowing costs are known to reduce investment, hiring, and consumption.
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