Country (region) | benchmark interest rate name | Interest rate level before change | Current interest rate level | Change base point | Last adjustment date | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
United States | Federal fund interest rate htt ml10 | 1.50-1.75% | 2.25-2.50% | 75 | 2022-07-27 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eurozone Refinancing rate 0.00% 0.50% 0.50% 50 2022-07-21 Japanese overnight lending rate 0-0.1% 0-0.1% 0-0.1% 0-0.1% 0 0 0 0 0 2010-10-05 UK Re-repurchase rate 1.00% 1.25% 1.25% 25 2022-06-16 Australia Overnight interest rate 0.85% 1. 25% 50 2022-07-05 China Financial institutions one-year deposit benchmark interest rate html ml81.75% 1.50% -25 2015-10-23 Brazil overnight interest rate 11.75% 12.75% 100 100 2022-05-04 India benchmark repurchase rate 4.40% 4.90% 4.90% 50 2022-06-08 South Africa Re-repurchase rate 4.75% 5.50% 5.50% 75 20 22-07-21 Russian Refinancing rate 9.50% 8.00% - 150 2022-07-22 Korean Basic interest rate 1.50% 2.2 5% 50 2022-07-13 Canada Overnight target interest rate 1.50 % 2.50% 100 2022-07-13 July 50 basis points to 1.35%, and at the same time, the foreign exchange settlement balance rate was raised by 50 basis points to 1.25%. This is the third time the RBA has raised interest rates this year.Central Bank Governor Philip Lowe said the main reason for the continuous rate hikes is to deal with inflation. The rise in Australia's inflation is mainly affected by international factors, especially at this stage, global inflation is at a high level, and factors such as supply chain problems and geopolitical conflicts caused by the new crown epidemic have further aggravated high inflation. In addition, strong domestic demand, tight labor market and limited production capacity in some industries have also brought upward pressure on inflation. htmlOn July 13, the South Korean Central Bank decided to raise the benchmark interest rate by 50 basis points from 1.75% to 2.25%. The Bank of South Korea's sharp interest rate hike this time is mainly related to the recent excessive inflationary pressure in South Korea. Data released by the Korea Statistics Agency showed that the Consumer Price Index (CPI) rose 6% year-on-year in June this year, the highest level since November 1998 (6.8%). In addition to rising prices, the expected increase in inflation rate and the risk of inverting interest rates in South Korea and the United States are also factors that affect the central bank's consideration of interest rate hikes. htmlOn July 13, the Bank of Canada raised a sharp 100 basis points to 2.50%, exceeding the expected 75 basis points, the largest single rate hike since August 1998. The Bank of Canada said the risk of high inflation is rising; inflation is higher and longer than expected in April and may remain around 8% in the coming months. Interest rates need to be further raised, and the rate of interest rate hikes will be based on assessments of the economy and inflation. htmlOn July 21, the European Central Bank announced its interest rate resolution, announcing that it would raise all three key interest rates by 50 basis points, the first rate hike in 11 years. At the same time, the European Central Bank also announced the launch of an "anti-fragmentation" financial tool - the Conduction Protection Tool (TPI). The ECB said the scale of TPI purchases depends on the severity of risks faced by policy transmission. TPI will ensure the smooth transmission of monetary policy stance in all euro zone countries. The unity of monetary policy is a prerequisite for the ECB to be able to fulfill its price stability task. htmlOn July 21, the South African central bank announced that it would raise the repurchase rate by 75 basis points to 5.5%, the largest rate hike in the past 20 years, exceeding the market's generally expected 50 basis points. Nwenya, chief economist of the Bank of South Africa, said that the sharp interest rate hikes highlight the pressure faced by the central bank, that is, while facing the risks of economic downturn, it is necessary to take timely actions to suppress inflation and inflation expectations while avoiding a sharp narrowing of interest rate spreads between South Africa and its major trading partners. htmlOn July 22, the Russian Central Bank announced a 150 basis point interest rate cut, the fifth time since early April, the key benchmark interest rate cut was greater than the market expectations of 50 basis points, and lower than the level before the outbreak of the Russian-Ukrainian conflict. Russian Central Bank Governor Nabiulina said the possibility of further interest rate cuts still exist. The bank will consider the need to continue to lower key interest rates in the second half of this year, with monetary decisions based on inflation changes and economic transformation. htmlOn July 27, the Federal Reserve announced that it would raise the benchmark interest rate by 75 basis points to the range of 2.25% to 2.5%, which is the fourth rate hike in the United States this year. After this rate hike, the Federal Reserve's cumulative interest rate hikes from June to July reached 150 basis points, the highest rate hike since 1980. Powell said that the current U.S. inflation rate is still far above the target level and the Fed's task is to deal with overall inflation. He also denied that the US economy was in recession, stressing that the US labor market was very strong, demand was still strong, and the US economy was still on a growth track this year.
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