The Federal Reserve raised interest rates by 25 basis points to a range of 5.25%-5.50% as scheduled, and the Hong Kong Monetary Authority followed suit!
The Federal Reserve resumed raising interest rates in July, raising the benchmark interest rate by 25 basis points to a range of 5.25%-5.50%, reaching the highest level since 2001, in line with market expectations.
It is not expected to see inflation return to 2% until around 2025, but rate hikes could be halted before inflation reaches 2%.
In addition, the Hong Kong Monetary Authority raised its benchmark interest rate by 25 basis points to 5.75%, keeping pace with the Federal Reserve's rate hikes.
