More Anti-Inflation Rate Tightening…

The tightening continues, as the Bank of Canada joined the party once again and delivered a fourth consecutive outsized interest-rate hike in a bid to slow the nation’s economy and drag inflation down from four-decade highs. The Bank of Canada’s decision was a statement-only affair with no new forecasts.

Monetary authorities around the world are slamming on the brakes to halt a post-pandemic surge of inflation. The Reserve Bank of Australia raised its policy rate by a half-percentage point on Tuesday, and Banco Central de Chile also stunned investors with a 100-basis-point move. The European Central Bank is poised to deliver a 75-basis-point hike on Thursday and the US Federal Reserve meets later this month, with an increase of at least 50 basis points expected.

The rate hike pass-the-parcel is going to continue for some time, which begs the question, at what point will the music stop? Given the embedded nature of the inflation shock, it’s probably more a symphony than a song.

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  1. Imagine you have cancer. You go to the doctor and he prescribes pain killers but leaves the cancer untouched.
    Imagine you print money. You go to the RBA and they prescribe interest rate hikes but continue printing money.
    The cancer (printed aussie dollar) will grow and will end up killing the patient (the economy).

  2. Martin a while ago you said if the only tool you have that every problem will look like a nail. Well Central banks across the globe have only one tool and they are using it to fix the problem and in the end may make things worse.

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