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Fed pivot, inflation boost emerging market interest rate hikes in June

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Emerging markets saw more interest rate hikes in June as a hawkish pivot from the U.S. Federal Reserve amplified inflationary pressures in a number of developing economies.

Policymakers across a group of 37 emerging market central banks delivered a net five interest rate rises in June after a single increase in May.

Russia's central bank raised its key interest rates by 50 basis points to 5.5% and said more was needed to rein in high inflation, eyeing potentially a 100 bps increase in borrowing costs in July., hiking by 25 basis points to 4.25% just days after the Fed turned more hawkish. "Mexico, Hungary and the Czech Republic saw their central banks raising interest rates," said Marek Drimal at Societe Generale.

 

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