Headline RoundupSeptember 23rd, 2022

Central Banks Raise Interest Rates Worldwide Following US Rate Hike

AllSides Summary

Several central banks in Europe and Asia raised interest rates on Thursday, one day after the U.S. Federal Reserve raised rates to fight inflation.

Central banks in Sweden, Norway, the Philippines, Indonesia, Taiwan, and South Africa raised interest rates on Thursday. Switzerland’s central bank approved its largest rate hike ever — three quarters of a percentage point, from -0.25% to 0.5%. Meanwhile, Turkey’s central bank lowered its benchmark interest rate by a full percentage point despite more than 80% inflation, and Japan’s central bank took steps to strengthen its currency for the first time since 1998. 

The rate hikes came amid persistently high global inflation. In August, inflation hit 9% in Sweden, 6.5% in Norway, 3.5% in Switzerland, 4.9% in the Philippines, 4.69% in Indonesia and 7.6% in South Africa. While rate hikes could reduce inflation, they are also expected to come with economic “pain” for some families and businesses.

Coverage was rare in mainstream left-rated outlets like CNN (Left bias) and absent from most right-rated outlets like Fox News (Right bias). However, major legacy outlets like The New York Times (Lean Left bias) and The Wall Street Journal (Center bias) featured the story at the top of their homepages. Outlets across the spectrum frequently covered rate hikes in the U.S., and right-rated outlets followed a long-standing trend of focusing less on international stories. 

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