Fed lifts U.S. rates by quarter percentage point
The U.S. Federal Reserve raised interest rates on Wednesday, as expected, and left its monetary policy outlook for the coming years largely unchanged amid steady economic growth and a strong job market. In a policy statement that marked the end of the era of “accommodative” monetary policy, Fed policymakers lifted the benchmark overnight lending rate by a quarter of a percentage point to a range of 2.00 percent to 2.25 percent. It still foresees another rate hike in December, three more next year, and one increase in 2020. Read More @ https://www.reuters.com/article/us-usa-fed-instantview/instant-view-analysts-react-to-fed-rate-hike-idUSKCN1M62N9
Hong Kong Intervenes Again to Defend Peg as Dollar Advances
Hong Kong intervened again to defend its currency peg as the greenback rallied after U.S.-China trade talks yielded no progress. The Hong Kong Monetary Authority bought HK$1.77 billion ($225 million) during New York trading hours on Thursday, according to the de facto central bank’s page on Bloomberg. That came as the city’s currency touched the weak end of its permitted trading band at HK$7.85 for a third session Friday. The aggregate balance will fall to HK$91 billion on Aug. 27. The trade talks between the world’s two biggest economies wrapped up on Thursday with no major progress, hours after Beijing and Washington rolled out their latest round of tariffs. The Bloomberg Dollar Spot Index jumped the most in six weeks, while the Hong Kong benchmark Hang Seng Index fell for a second day on Friday. Read more @ https://www.bloomberg.com//news/articles/2018-08-24/hong-kong-intervenes-again-to-defend-peg-as-dollar-strengthens
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