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The bank in a statement had said that strong consumer spending, a rebound in demand for services, a pick-up in housing activity and a tight labor market show excess demand is more persistent than anticipated

Bank of Canada hikes overnight rate to a 22-year high of 4.75%

The bank in a statement had said that strong consumer spending, a rebound in demand for services, a pick-up in housing activity and a tight labor market show excess demand is more persistent than anticipated

The Bank of Canada has hiked its overnight interest rate to 4.75%, which is a 22-year high. As per Reuters, markets and analysts have predicted yet another increase next month to calm down an overheating economy and rising inflation.
Overnight interest rate is the rate at which a bank lends or borrows funds from another depository institution in the overnight market. In an overnight market, lenders agree to lend borrowers funds only "overnight" i.e. the borrower must repay the borrowed funds plus interest at the start of business the next day.
As per Reuters, the central bank of Canada had been on hold since January to assess the impact of previous hikes after raising borrowing costs eight times since March 2022 to a 15-year high of 4.50% - the fastest tightening cycle in the bank's history.&nbsp;
The bank in a statement had said that strong consumer spending, a rebound in demand for services, a pick-up in housing activity and a tight labor market show excess demand is more persistent than anticipated.&nbsp; The bank is also worried that the CPI inflation would be stuck materially above the 2% target. This after, April inflation and the three-month measures of core inflation remained high.&nbsp;

After RBI announced a pause in the interest rate hike, HDFC bank has slashed the MCLR by upto 85 bps for short-term loans

HDFC Bank cuts MCLR by up to 85 bps; Select EMIs set to go down 

After RBI announced a pause in the interest rate hike, HDFC bank has slashed the MCLR by upto 85 bps for short-term loans.&nbsp;

HDFC bank has slashed the marginal cost of funds-based lending rate (MCLR) by upto 85 basis points for loans of short tenures. This indicates, that the interest rates may have peaked at the shorter end.
The MCLR cut is by 85 bps to 7.80% and the one-month tenure rate has been reduced by 70 bps to 7.95%. Meanwhile, 3-month loans was slashed by 40 bps to 8.30% and 6-month loans by 10 bps to 8.70%. However, rates of long-term loans were left unchanged. 1-year, 2-year, 3-year tenors will continue to be disbursed at 8.95%, 9.05% and 9.15%, respectively. The new rates will be effective from April 10, 2023. MCLR is the minimum interest rate that can be charged for a loan.&nbsp;
As per Financial Express, HDFC Bank had last increased its MCLR in March by 5 bps across loan tenures to between 8.65%-9.15% per annum. This move, has come after RBI kept the repo rate unchanged. Some experts also believe that RBI will go for a rate cut later this year.
This MCLR reductio will not have any effect on the HDFC bank's home loan borrowers because most of the home loans are sourced through their parent concern HDFC Limited. Only old personal loans and auto loans that are linked to the MCLR rate will get the relief
Despite RBI's pause to raise interest rate, certain private lenders like the Bank of Baroda increased the MCLR for loans of a tenor of one year by 5 bps to 8.60%. Canara Bank has also hiked the rates on six-month and one-year tenors by 5 bps each to 8.45% and 8.65%, respectively.

Federal Reserve is expected to raise rates by 25 basis points in its policy meeting this week versus a 50 basis points hike that was expected earlier prior to the collapse of Silicon Valley Bank and the following banking crisis

Federal Reserve's policy meeting: Here's what to expect 

Federal Reserve is expected to raise rates by 25 basis points in its policy meeting this week versus a 50 basis points hike that was expected earlier prior to the collapse of Silicon Valley Bank and the following banking crisis

This week's policy meeting of the Federal Reserve comes amid a challenging scenario in the U.S that stemmed from the collapse of Silicon Valley Bank and the following repurcussions.&nbsp;
In what is a crucial policy meeting, the Fed will weigh whether to continue raising interest rates to clamp down on inflation or to pause the rate hikes amid the market turmoil.&nbsp;
As per Bloomberg, before the collapse of Silicon Valley Bank and the resulting fallout, Fed policy makers were poised to raise rates by as much as 50 basis points after a string of data suggested the economy was much stronger than officials thought at the beginning of the year.&nbsp;
While there are those who believe that the Fed must pause on rate hikes given the macro envioronment, other are of the view that Fed may go ahead with a 25 basis points rate hike during this week's policy meet.&nbsp;
The Fed's decision follows a 50-basis-point rate hike from the European Central Bank on Thursday. President Christine Lagarde said the ECB remains committed to fighting inflation, while monitoring bank tensions closely.
Previously, the Fed announced four consecutive rate hikes, ranging from 25 bps to 75 bps.&nbsp;
The Federal Reserve officials are also expected to discuss the failure of the two U.S banks as well as the Credit Suisse crisis.
&nbsp;

India's largest lender, State Bank of India has increased lending rates effective March 15th. The benchmarch prime lending rate (BPLR) and base rate have been hiked by 0.7%

Your EMIs set to go up as SBI hikes lending rates

India's largest lender, State Bank of India has increased lending rates effective March 15th. The benchmarch prime lending rate (BPLR) and base rate have been hiked by 0.7%

Get ready to pay more for your loan EMIs. India's largest lender, State bank of India has hiked lending rates by 70 basis points or 0.7%.&nbsp;
SBI has hiked its benchmark prime lending rates or BPLR by 0.7% to 14.85% from 14.15% currently. Loans linked to BPLR will now become more expensive.&nbsp; The bank has also hiked its base rate by 0.7% to 10.10%. The increased interest rates will be effective from Wednesday, March 15th.&nbsp; SBI last revised the rates in December 2022.&nbsp; This hike in lending rates by SBI comes ahead of RBI's credit policy meet in the first week of April. Given that retail inflation is still higher than RBI's comfort zone, experts say another repo rate hike is likely on the cards.&nbsp;
Other banks are also likely to follow suit and raise lending rates in the days to come.&nbsp;

Fed rate Hike preview: Global markets are pricing in as traders brace for a historic hike from the Fed at its July 26-27 meeting after the scorching inflation print upwards of 9%.

Fed rate Hike preview: Expect a 100 bps hike after inflation report

Traders place their bets on a bazooka hike in interest rates but can it aim and attack inflation? 

Ready but not steady, Brace for a big rate hike

Bets show 50% chance of a 100 bps hike in rates by the US central bank in July&nbsp;

Inflation that is the highest since since 1981 and a potential rate hike of 100 bps that is unseen before.That is the headline that the <a href="https://www.editorji.com/business-news/markets/explained-falling-global-markets-and-what-is-the-new-gst-fear-1655447250569" target="_blank">global markets</a> are pricing in as traders brace for a historic hike from the Fed at its July 26-27 meeting after the scorching inflation print upwards of 9%. The consumer price index, a broad measure of everyday goods and services related to the cost of living, soared 9.1% in the US, highest in 40 years. This pushing traders to bet that Jerome Powell and his team at the Fed will push for a historic hike of 100 bps, something that the neighbouring nation Canada already shocked watchers with.&nbsp;
<a href="https://www.editorji.com/business-news/this-central-bank-announced-a-rate-hike-on-facebook-live-1657769516310" target="_blank">This central bank announced a rate hike on Facebook Live!</a> The Bank of Canada on Wednesday increased rates by a surprise full percentage point amid fears that decades-high price pressures are becoming entrenched.

The Fed Chairman Jerome Powell faced a firing squad of questions as he appeared before the Senate Banking Committee that questioned the rationale of rate hikes. First of the block, US Senator Elizabeth Warren probed Fed chair Jerome Powell while telling him sternly "Don't 'drive this economy off a cliff."Warren asked Powell if Fed rate increases will lower gas prices, which have hit record highs this month."I would not think so," Powell said.Warren asked if grocery prices will go down because of the Fed's war on inflation."I wouldn't say so, no," Powell said.Inflation is like an illness, and medicine needs to be tailored to the specific problem. Otherwise you could make things a lot worse," Warren told Fed Chairman Jerome Powell during the hearing. "You could actually tip the economy into a recession," she said. The Fed has no control over global oil prices that are driving up gas prices, Warren said. "What's worse than high inflation and low unemployment?" Warren asked. "High inflation and recession with millions of people out of work," she answered. "I hope you consider that before you drive this economy off a cliff," she said.Powell’s testimony comes exactly a week after the Fed announced its three-quarters-of-a-point increase, its biggest hike in nearly three decades. With inflation at a 40-year high, the Fed’s policymakers also forecast a more accelerated pace of rate hikes this year and next than they had predicted three months ago.

'Can high rates really bring down inflation?' Fed Chief faces brutal questioning

'If rates can't bring prices down, don't drive the economy off a cliff!' Fed Chief Powell faces a 'questioning squad' as his rate hike plans and rationale are challenged 

Fed Chair Powell was asked if Fed rate increases will lower gas prices, which have hit record highs this month.

The Fed Chairman Jerome Powell faced a firing squad of questions as he appeared before the Senate Banking Committee that questioned the rationale of rate hikes. First of the block, US Senator Elizabeth Warren probed Fed chair Jerome Powell while telling him sternly "Don't 'drive this economy off a cliff."
Also read/watch|<a title=" Watch: &lsquo;Baggage mountain&rsquo; at London airport, waiting for luggage extends to days " href="https://www.editorji.com/business-news/watch-baggage-mountain-at-london-airport-waiting-for-luggage-extends-to-days-1655952855685"> Watch: &lsquo;Baggage mountain&rsquo; at London airport, waiting for luggage extends to days</a> Warren asked Powell if Fed rate increases will lower gas prices, which have hit record highs this month. "I would not think so," Powell said. Warren asked if grocery prices will go down because of the Fed's war on inflation. "I wouldn't say so, no," Powell said. Inflation is like an illness, and medicine needs to be tailored to the specific problem. Otherwise you could make things a lot worse," Warren told Fed Chairman Jerome Powell during the hearing. "You could actually tip the economy into a recession," she said. The Fed has no control over global oil prices that are driving up gas prices, Warren said. "What's worse than high inflation and low unemployment?" Warren asked. "High inflation and recession with millions of people out of work," she answered. "I hope you consider that before you drive this economy off a cliff," she said. Powell&rsquo;s testimony comes exactly a week after the Fed announced its three-quarters-of-a-point increase, its biggest hike in nearly three decades. With inflation at a 40-year high, the Fed&rsquo;s policymakers also forecast a more accelerated pace of rate hikes this year and next than they had predicted three months ago.

This week we saw the U.S. Federal Reserve increasing the key rates by 50 basis points and just one day before the Reserve Bank of India, in an unexpected and shocking way, also announced a 40 bps hike. 
The Indian central bank sent the markets deep into the red, while the U.S. Fed delivered as per the market expectations.
Editorji speaks to Sanket Kapoor, Managing Partner at Flexi Capital, and discusses the rate hikes, inflation, and the way forward for the stock markets, global and domestic.

Risks vs Rates: Market mood and the way forward with Flexi Capital

From tantrums to tolerance we explore the new market reality with insights from Flexi Capital.

EJ Money Matters

The U.S. Federal Reserve braced the market for over a year of a turn in the rate cycle.

This week we saw the&nbsp;U.S. Federal Reserve increasing the key rates by 50 basis points and just one day before the Reserve Bank of India, in an unexpected and shocking way, also announced a 40 bps hike.&nbsp;
The Indian central bank sent the markets deep into the red, while the U.S. Fed delivered as per the market expectations.
Editorji&nbsp;speaks to Sanket&nbsp;Kapoor, Managing&nbsp;Partner at Flexi&nbsp;Capital, and discusses the rate hikes, inflation, and the way forward for the stock markets, global and domestic.

interest rates

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