This central bank announced a rate hike on Facebook Live!

Central bankers are getting desperate and innovative as inflation continues its runway rally. In the latest surprise move, a first of it's kind a central banker announced a rate hike - an unscheduled on that too via Facebook Live.

Governor of Philippine's central bank, Felipe Medalla took to Facebook Live to unexpectedly raise key interest rate by 75 basis points to 3.25%.

A weakening peso, a widening current account deficit and rising inflation put pressure on the Philippine central bank to hike interest rates though they did not wait for their next meeting which was scheduled for Aug. 18.

Brace for a bazooka hike in interest rates

In a recent blog post the the IMF MD wrote; Recent indicators imply a weak second quarter—and we will be projecting a further downgrade to global growth for both 2022 and 2023 in our World Economic Outlook Update later this month.

Georgieva reiterates that the outlook remains extremely uncertain.