A slowing global economy and abrupt end to Federal Reserve policy tightening hav...
SEOUL/HONG KONG - A slowing global economy and abrupt end to Federal Reserve policy tightening have shifted rate cut expectations in Asia to probable from possible, with the market betting on moves by a growing list of central banks.
Money markets are pricing in a strong chance of a cut in Australia this year. The Philippines, India and Indonesia also have room to reverse some of last year’s multiple interest rate hikes aimed at protecting the peso, rupee and rupiah from emerging market turmoil, economists say. In China, although reductions in bank reserve requirements are seen as Beijing’s main monetary policy easing tool, some analysts also expect cuts in benchmark rates.
This is a remarkable turnaround. Only last year the debate in trade-deficit countries was about how high rates could go, and Japan’s central bank was contemplating exiting unorthodox stimulus policies.China’s trade war with the United States and several measures to curb financial risk-taking last year are weighing more heavily than expected on the world’s second biggest economy and Asia’s growth engine.
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