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September 23, 2022
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- US treasuries cheapened overnight following the US Fed’s hawkish stance, as the market prices-in continued hiking and, in turn, higher rates for longer. The 10-year yield led the move higher, closing 18 basis points (bps) higher at 3.714%, the highest level since 2007.
- The dollar was mixed against its Group of Ten (G10) peers after a series of central bank decisions that pushed US yields to multi-year highs and equities taking another round of beating. The Japanese Yen took center stage after the Bank of Japan’s widely telegraphed intervention to prop up the weak Yen.
- The Bangko Sentral ng Pilipinas (BSP) raised its key interest rate by 50 bps to 4.25% amid a weakening peso and rising commodity prices, while overnight deposit and lending rates were also increased to 3.75% and 4.75%, respectively.
- The BSP also hiked its inflation rate forecast for 2022 and 2023 to 5.6% from 5.4% and 4.1% from 4%, respectively, but reduced the 2024 forecast to 3% from 3.2%.
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Economy
3 MIN READ
What’s cooking? Costlier rice, that is
Extreme weather across major rice-producing countries will impact global rice production stoking worries of an upward pressure on global rice prices. For the Philippines, however, the real concern is Thailand and Vietnam’s upcoming collaboration to bump up their prices.
Equities
4 MIN READ
Stock Market Weekly: Expecting another 50-bp interest rate hike
Investors will be watching where the central bank will lead our benchmark interest rates this week. The opposing effects of fare hikes and oil price rollbacks deserve some attention, too.
Economy
3 MIN READ
Peak inflation: Are we there yet?
Though inflation in the Philippines slightly eased to 6.3% in August (from 6.4% in July), it is highly likely that inflation has yet to reach its highest point given continued geopolitical tensions, second-round effects, and peso depreciation.
Economy
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September 2022 Updates: Inflation, peso depreciation, rate hikes
The inflation print slightly eased in August 2022, but global market movements and the strengthening dollar will continue to put upward pressure on prices. Further peso depreciation and BSP rate hikes are still anticipated as the Fed continues to aggressively hike rates.
Rates & Bonds
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Hyundai Capital America: Strong results despite global chip shortage
While the car industry still reels from a dearth of chips, Hyundai Capital America has found a way to minimize the impact on its business.
Currencies
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Metrobank’s view: ‘Hold on to your dollars’
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Why should we care about the inverted yield curve?
Inverted yield curves are closely being watched. What they say about the economy may have consequences on your wealth and perhaps your spending habits.
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- What does an inverted yield curve mean for investors?
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Metrobank Economic Updates for July 2022
Metrobank Economic Updates for July 2022
