Swiss central bank plans 50 bps rate hike in Sept; Fed expected to stick to a 75 bps hike — Macro Snapshot 

Swiss central bank plans 50 bps rate hike in Sept; Fed expected to stick to a 75 bps hike — Macro Snapshot 

CAIRO: While the Swiss central bank is planning a 50 to 75 basis points rate hike in September, the US Federal Reserve officials indicated their intention to stick with the 75 bps rate increase at their meeting this month. The UK is said to increase its public sector workers’ pay by an average of 5 percent. The Swiss National Bank is currently planning to raise interest rates by 50 or 75 bps in its next scheduled monetary policy announcement in September, a Swiss newspaper reported on Saturday, citing one or more people involved in the matter. Last month, the central bank raised its policy rate for the first time in 15 years. Chairman Thomas Jordan said soon afterward that ongoing inflationary pressure meant further tightening would likely be needed. US Federal Reserve officials signaled Friday that they would likely stick with a 75 bps interest rate increase at their July 26-27 meeting. However, a recent high inflation reading could still warrant larger increases than anticipated later in the year. Data released earlier this week showing inflation had accelerated to an annual rate of 9.1 percent in June raised the possibility the Fed might opt for a larger 1 percentage point