LONDON : Major central banks resumed their quest to ramp up interest rates in February after a tepid start to the year with price pressures proving more sticky than markets and many policy makers had hoped for. February saw six interest rate hikes across six meetings by central banks overseeing the 10
LONDON : Major central banks resumed their quest to ramp up interest rates in February after a tepid start to the year with price pressures proving more sticky than markets and many policy makers had hoped for.
"A combination of stronger than expected growth and more persistent than expected inflation indicators has prompted an abrupt change in the market narrative over the past month away from 'soft landing' and towards a 'more extended tightening cycle' by major central banks," said Nikolaos Panigirtzoglou at JPMorgan.
In emerging markets, the rate hike push showed some evidence of slowing down. Thirteen out of 18 central banks in the Reuters sample of developing economies met to decide on rate moves, but only four hiked by a total of 175 bps - Mexico, Israel, the Philippines and India. Turkey delivered a 50 bps cut in the wake of the deadly earthquake.
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