LONDON : The world's central bank umbrella body, the Bank for International Settlements , has urged major economies to forge ahead with forceful interest rate hikes despite the growing threat of recessions and currency market volatility.
This week is expected to see another super-sized rate hike from the U.S. Federal Reserve, whose sharp moves this year have, alongside Russia's invasion of Ukraine, already triggered widespread financial market turbulence. On top of that, growth forecasts have continued to be revised down whereas inflation forecasts have continued to rise.
This year's rapid rise in inflation, interest rates and energy prices has triggered one of the biggest ever sell-offs on financial markets. That could lead to persistent price rises in oil-related goods while the leap in natural gas prices could have a large and protracted impact on electricity prices and provide a major headwind to industrial production.
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