Fed’s higher-for-longer rate policy will hit borrowing costs in Singapore

Federal Reserve chairman Jerome Powell speaks at a news conference after hiking rates to a 15-year high on Dec 14, 2022.

US Federal Reserve chairman Jerome Powell said it would take substantially more evidence to give confidence that inflation is falling.

PHOTO: EPA-EFE

Ven Sreenivasan

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SINGAPORE - The US Federal Reserve on Wednesday

raised

interest rates by 50 basis points

to a 15-year high and, more significantly, signalled that rates will have to move up more than previously anticipated and stay there for longer.

The United States central bank’s Federal Open Market Committee (FOMC) raised its benchmark rate to a range of 4.25 per cent to 4.5 per cent, from 3.75 per cent to 4 per cent previously – a move widely expected.

Fed’s higher-for-longer rate policy will hit borrowing costs in Singapore

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