On September 21, local time, the Federal Reserve officially decided to raise the federal funds rate by 75 basis points to the range of 3.00%-3.25. According to reports, the Federal Reserve has raised interest rates by 45 times this year, with a cumulative interest rate hike of 300 basis points, the most intensive rate hike in 43 years. On the same day, the dollar index once rose to 111.63, and then refreshed the 20 5 year high. Within 24 hours after the resolution, seven countries including the United Kingdom, Switzerland and Norway also announced a series of increase in interest rates. Based on the interest rate hikes of central banks in various countries, the interest rate hike this week will contribute more than 500 basis points to the world, which makes the overall world interest rate hikes this year have risen to more than 6000 basis points.
. As the European country that finally maintained the negative interest rate of , Switzerland raised the interest rate from -0.25% to 0.5% , which is equivalent to declaring the era of "negative interest rate" in Europe, and has completely ended. news shows that the current inflation level in Switzerland is 3.5%, setting a new high in the country in the past 30 years, and the exchange rate of the Swiss franc against the US dollar has depreciated by more than 8% this year.
Southeast Asia, which is deeply affected by the strong US dollar, is also particularly conspicuous in this interest rate hike. Among them, Indonesian and Philippines each raised interest rates by 50 basis points, while the Vietnamese central bank, which had no warning before, also "suddenly took action" this time and raised interest rates by 100 basis points.
news shows that since September 2020, the Vietnamese central bank has not intervened in the global interest rate hike movement. However, the current exchange rate of Vietnamese Dong against the US dollar, has fallen to nearly 2929. For Southeast Asian countries, the strong dollar is making their countries face more economic challenges of capital outflows.
However, this time, the Bank of Japan also has a surprising presence. Reports on September 22 showed that announced on the same day that it would continue to maintain the "ultra-loose" monetary policy unchanged. was affected by the news, and the US dollar rose sharply against the Japanese yen, breaking through the 145 key point for the first time, the first time in 24 years.
In this regard, The Bank of Japan and the official also officially intervened in the foreign exchange market, This caused the US dollar to "suddenly" turn around and head straight to the 141 mark. The market exchange rate shows that the US dollar against the Japanese yen fell by more than 500 points in the short term, with the lowest quotation of 141.17. However, the Bank of Japan did not disclose specific details of the intervention measures.
Early, an institution said that if the Bank of Japan continues to maintain its current monetary policy, then as the Federal Reserve continues to raise interest rates in the future, the spread between the United States and Japan will also continue to expand, and the yen still has room for downward trend. However, since the yen plummeted by more than 24% this year, the Bank of Japan has not changed its thinking about this policy.
text | Zheng Hongjie Title | Huang Zixin Review | Zeng Yi
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