Risk of Global Recession in 2023 Rises Amid Simultaneous Rate Hikes – Mish Talk

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The Wall Street Journal reports that rate hikes are getting fat and fast

  • Switzerland: raised interest rates by 0.75 points to 0.5%, making it one of the last central banks to leave negative territory.
  • UK: The Bank of England has raised its key rate by 0.5 points to 2.25% and will start selling some of its bond holdings.
  • Norway: Rates increased by 0.5 point to 2.25%.
  • Indonesia: the benchmark interest rate increased by 0.5 percentage point to 4.25%.
  • Taiwan: increased its discount rate by 0.125 points to 1.625%.
  • The Philippines: Overnight benchmark increased by half a point to 4.25%.
  • South Africa: the main repo rate rose by 0.75 points to 6.25%.
  • Japan: The Bank of Japan maintained its benchmark rate at minus 0.1%. Tokyo later intervened to prop up the yen.
  • Turkey: Cut key tariff by 1 percentage point to 12%, continuing its contrarian easing campaign.
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