Global Interest Rate Hikes Quickening
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Central bank rates have gone up a lot in the past year. This is a big trend in the market. But is the policy really strict?
Many central banks, besides China and Japan, have increased their rates but the amount of increase is quite different in each country.
Central banks in Canada and the United States have raised rates to match core inflation. However, most other developed countries have rates that are 1.5% to 3% lower than core inflation rates.
Some countries are happy inflation is higher, such as Japan and Switzerland. But countries like the United Kingdom, Australia, and Sweden are afraid of problems if they raise rates. Many people in these countries have mortgages whose rates can change. If rates go up too much, the housing market could crash and banks could lose money. So, even though rates are going up around the world, every country is dealing with inflation differently.
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