Hong Kong maintains base rate at 4.75% as Fed holds fire on Trump’s tariff fallout

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Hong Kong maintains base rate at 4.75% as Fed holds fire on Trump’s tariff fallout - SCMP

Quick Summary:

The Fed is seen cutting rates again by midyear, while Hong Kong banks may lower the prime rate by 0.125 percentage points.

US Federal Reserve Chairman Jerome Powell.“I do think with the arrival of the tariff inflation, further progress may be delayed” in reaching the Fed’s 2 per cent annual inflation rate, Fed chairman Jerome Powell said after the FOMC meeting.“The US may only start cutting the interest rate again in the middle of this year,” said Tommy Ong, managing director of the T.O.& Associates Consultancy on Wednesday before the Fed decision.“Consistent upwards pressure from US import tariffs makes it difficult to ease drastically.

The Fed’s decision was widely expected, with rates traders fully pricing in the outcome, according to data compiled by the CME Group, based on Fed fund futures contracts on Wednesday.