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Central banks continue to hike rates, despite financial turmoil


After the Fed, the big Swiss, British and Norwegian financiers are tightening the cost of credit even further.

"The Swiss banking system is very resilient and robust,"

Swiss central bank president Thomas Jordan said on Thursday - four days after calling on UBS, one of the two national banking champions, to save the country. another, Credit Suisse, in distress.

According to the great treasurer, therefore, there would not be fire at the lake.

And the Swiss National Bank has decided to raise its key rate by half a point, to 1.5%, despite the upheavals in the banking sector.

After the European Central Bank (ECB) a week ago, the US Federal Reserve (Fed) also did not hesitate to raise its rates by a quarter point on Wednesday, bringing them between 4.75% and 5 %.

On Thursday, in addition to Switzerland, Norway followed suit (at 3%, like the ECB), as well as the Bank of England (BoE), raising its key rate to 4.25%, the highest since 2008, after an eleventh consecutive increase.

Inflation before financial stability

The message is clear: inflation is the top priority, financial stability shaken…

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Source: lefigaro

All news articles on 2023-03-23

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