Banks increase rates after Fed decision
The U.S. Federal Reserve raised interest rates by 25 basis points to a range of 3.75% to 4.00%, in an effort to support the return of inflation to the targeted 2% level as soon as possible, despite ongoing high inflation. In response, the central banks of Bahrain, the UAE, Qatar, Saudi Arabia, and Oman increased their interest rates by 25 basis points to mitigate the impact of U.S. monetary policy on their markets. Additionally, the dollar strengthened against the euro following the Fed’s decision, while gold pared some of its gains to reach around $4,330 per ounce, amid expectations of further future interest rate hikes.
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