A day after the Fed lifted US borrowing costs by 25 basis points, the BoE did the same as its key rate reached 4.25% – the highest level since the 2008 global financial crisis. theSun theSundaily business London interestrates BankofEngland USA
Swiss National Bank chairman Thomas Jordan and governing board member Andrea Maechler at a news conference in Zurich on Thursday, March 23, 2023. – AFPpicThe Bank of England joined Norway and Switzerland in increasing interest rates on Thursday as inflation remains elevated, though banking-sector turmoil could soon lead to a pause in US tightening as hinted by the Federal Reserve .
The BoE acknowledged that “uncertainties around the financial and economic outlook have risen”. It added it was “unclear how credit conditions and economic activity might be affected by recent banking sector stress in a number of advanced economies”. Policymakers remain laser-focused on fighting inflation, with the European Central Bank last week announcing a 50-basis-point increase in eurozone borrowing costs.
Following their monetary policy gatherings, the SNB said it was “countering the renewed increase in inflationary pressure”, while Norway’s central bank stated that higher rates were “needed to curb inflation”. Recent banking sector developments “are likely to result in tighter credit conditions for households and businesses and to weigh on economic activity, hiring and inflation”, the Fed added.The Swiss rate hike meanwhile, which matched its last increase in December, came a few days after the SNB joined other major central banks in boosting liquidity following the latest banking crisis.
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