Pricing Wednesday morning pointed to a 94.3% probability of a 0.25 percentage point hike at the Federal Reserve’s two-day meeting that concludes Feb. 1.
Middle-income Singaporeans could be affected most by Singapore’s GST hike, which is designed to support an increase government social spending.
The Fed rate hike of half a percentage point moves the Prime Rate to a level that means business owners will be paying 10%-plus interest on debt.
The European Central Bank will continue to hike benchmark rates, albeit at a slower pace, with inflation expected to be close to a peak.
The Fed is expected to raise interest rates by a smaller half percentage point Wednesday yet signal that its battle with inflation is still far from over.
Here’s how your mortgage, credit card, car loan, student debt and savings could be affected by the latest major Fed rate hike.
Many are hoping for a “step-down” in policy that could see a rate increase of half a point at the December meeting and then a few smaller hikes in 2023.
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