News analysis Amid soaring inflation, mainland China and Hong Kong central banks chose to respond in opposing ways to the U.S. Federal Reserve’s aggressive interest rate hikes, with China loosening its monetary policy, and Hong Kong raising interest rates. On June 15, the Fed raised the primary credit rate by 75 basis points, the largest increase…
Behind China and Hong Kong’s Different Responses to US Interest Rate Hikes
July 3, 2022
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The Age of Arrogance
News Analysis There are three great questions roiling public life today. First, why did they (meaning the elites in charge of our lives) not see this coming? Second, why did they believe they could control it? Third, what happens to them now that they have proven to have made such enormously costly errors that have…
Real Wages Fall in All Income Groups as Stimulus Plans Backfire
Commentary For years we have read that it was important for the Federal Reserve and the major central banks to push the limits of monetary policy to boost growth and jobs. Monetary policy stood at the forefront of all recovery plans. In 2008, quantitative easing seemed enormous, but the subsequent incremental plans have made that…
Reserve Bank of Australia Shocks With 50 Basis Point Cash Rate Hike
June 7, 2022
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AustraliaBusiness & Marketscash rateeconomic policieseconomyinflationJim Chalmersmonetary policyReserve Bank of AustraliaWorld
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The Reserve Bank of Australia has revealed its decision to increase the cash rate by a massive 50 basis points, from 0.35 percent to 0.85 percent, with “further steps” to come. Governor Philip Lowe said the hike came in response to higher-than-expected inflation to “assist with the return” of inflation to the two to three…
Australia’s Central Bank Hikes Rates to Control Soaring Inflation
June 7, 2022
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AustraliaBusiness & Marketscash rateeconomic policieseconomyinflationJim Chalmersmonetary policyReserve Bank of AustraliaWorld
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The Reserve Bank of Australia, the country’s central bank, has increased the cash rate by a massive 50 basis points, from 0.35 percent to 0.85 percent, with “further steps” to come. Governor Philip Lowe said the hike came in response to higher-than-expected inflation to “assist with the return” of inflation to the two to three…
Fed Chair Powell to Testify at Senate June 22, Barr Vote Set for June 8
Federal Reserve Chair Jerome Powell will give his twice-yearly report on monetary policy to the U.S. Senate on June 22, just a week after the central bank is expected to deliver another half-point interest rate hike as it seeks to bring inflation under control. The Senate Banking Committee also said it would hold a vote…
Kuroda Says BOJ Can Achieve Smooth Exit From Loose Money Policy
TOKYO—Bank of Japan Governor Haruhiko Kuroda said on Thursday the central bank can execute a smooth exit from its ultra-loose monetary policy, though doing so “won’t be easy.” Kuroda repeated his view that the central bank must maintain ultra-easy monetary policy for now, with consumer inflation expected to slow next year and beyond, after speeding…
Hong Kong Monetary Authority Steps in to Defend Its Weak Currency Amid Capital Outflow
May 21, 2022
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The Hong Kong dollar continues to weaken as the United States starts its interest rate hike cycle. To maintain Hong Kong’s linked exchange rate system, the Hong Kong Monetary Authority (HKMA) made five purchases of HK$17.586 billion ($2.24 billion) in five days. Market participants expect that Hong Kong may have a net outflow of $100…
Reserve Bank of Australia Needs More Monetary Experts: Economist
April 29, 2022
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AustraliaBusiness & EconomyBusinesses in COVID-19economic policieseconomyinflationJim Chalmersjosh frydenbergmonetary policyReserve Bank of AustraliaWorld
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The Reserve Bank of Australia (RBA) needs more monetary experts on its board as part of a much needed structural reform, the chief economist at the Centre of Independent Studies said. Peter Tulip, who previously worked at the RBA, noted that while many media reports have suggested an external RBA review to focus on the…
The Fed’s Policy Mistake
Commentary Eight times a year the Federal Open Market Committee meets to review economic and financial conditions to determine the appropriate positions for monetary policy to maintain full employment and price stability. At its recent March 2022 meeting, the FOMC voted to raise the Federal Funds Rate to reduce aggregate demand in hopes to squelch…
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