{"id":544710,"date":"2022-03-17T04:00:22","date_gmt":"2022-03-17T04:00:22","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/17\/this-morning-first-fed-rate-hike-in-4-years-the-clocks-wont-go-back-in-the-us-next-year\/"},"modified":"2022-03-17T04:00:22","modified_gmt":"2022-03-17T04:00:22","slug":"this-morning-first-fed-rate-hike-in-4-years-the-clocks-wont-go-back-in-the-us-next-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/17\/this-morning-first-fed-rate-hike-in-4-years-the-clocks-wont-go-back-in-the-us-next-year\/","title":{"rendered":"THIS MORNING: First Fed rate hike in 4 years; The clocks won\u2019t go back in the US next year."},"content":{"rendered":"

Well, friends, we\u2019ve nearly made it through another workweek together<\/strong>, and our reward is ending the week on St. Patrick\u2019s Day (which happens to be The Colonel\u2019s birthday. We miss you, Dad.)<\/p>\n

<\/a> THE BIG GLOBAL BUSINESS STORY this morning- The Fed has hiked rates <\/strong>for first time in four years \u2014 and there\u2019s plenty more where<\/strong> that came from:<\/strong> The Federal Reserve raised interest rates by 25 bps at its policy meeting yesterday and signaled that similar hikes would take place at each of its six remaining meetings this year. In the first hike since 2018, the Federal Open Market Committee announced<\/a> that it had raised the federal funds rate to 0.25-0.50 as it battles the highest levels of inflation in 40 years. The central bank will also start reducing its holdings of treasuries and mortgage-backed securities at a coming meeting, the statement said.<\/p>\n

The most aggressive tightening cycle in decades:<\/strong> The committee indicated in the dot plot (pdf)<\/a> that rates could end the year close to 2% and reach 2.75% in 2023 in what would be the fastest spell of tightening in decades. Seven members of the committee want the central bank to go even further, raising the possibility of a 50 bps hike later in the year.<\/p>\n

US stocks rallied on Fed chair Jerome Powell\u2019s positive comments on the economy:<\/strong> The S&P 500 completed its strongest two-day rally since April 2020 after Powell told a press conference that the \u201ceconomy is very strong\u201d and that the probability of a recession remains low, Bloomberg<\/a> reports. The Nasdaq 100 jumped 3.7% and the Dow rose 1.5%.<\/p>\n

The story is all over the front pages of the global business press this morning:<\/strong> Bloomberg<\/a> | FT<\/a> | WSJ<\/a> | CNBC<\/a>.<\/p>\n

The Fed wasn\u2019t the only central bank to hike rates yesterday:<\/strong> USD-pegged Gulf economies including the UAE, Saudi Arabia, Kuwait and Bahrain<\/a> all followed the Fed and raised rates by 25 bps.<\/p>\n

REMINDER- The CBE will hold its policy meeting next Thursday, 24 March<\/strong>, and almost all the analysts we\u2019ve heard from so far are expecting policymakers to hike interest rates. We\u2019ll have more for you on this on Sunday when we publish our customary interest rate poll.<\/p>\n

THE MARKETS TODAY- US shares are on course to dip when the markets open later today<\/strong>, while bourses in Europe will see early gains, according to the futures markets.<\/p>\n

Over in Asia:<\/strong> Shares in China are continuing to surge this morning following yesterday\u2019s session which saw bourses have one of their best days since 2008 on market-friendly comments made by the country\u2019s top economic policymakers (more on that in Planet Finance, below). The Hang Seng is currently up 5% while the Nikkei is up nearly 3%.<\/p>\n

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The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

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WHAT\u2019S HAPPENING TODAY-<\/strong><\/p>\n

The Central Bank of Egypt (CBE) has <\/strong>published (pdf)<\/a><\/strong> a raft of recommendations urging<\/strong> Arab banks to ramp up SME financing<\/strong>, following a conference on the topic in partnership with the Union of Arab Banks<\/a>. The CBE recommends that central banks in Arab countries help local lenders boost infrastructure for SME lending, give banks incentives to extend credit to SMEs, and help cover the associated risk. It also called on states to provide more tax and non-tax incentives to SMEs, and on the AUB to set up an SME committee. The CBE also called for a regional digital platform to help streamline SME registration and licensing procedures.<\/p>\n

Stepping up to the plate:<\/strong> The CBE has launched a new financing program \u2014 Daman \u2014 to support SMEs in Upper Egypt, in partnership with Egyptian banks, the central bank announced<\/a> at the conference. Daman\u2019s first launching pad will be in Qena governorate.<\/p>\n

Buckle up for Air Sphinx: <\/strong>EgyptAir\u2019s low-cost subsidiary will reportedly commence operations within days, Al Borsa<\/a> reports, citing Mohamed Montaser, Vice Chairman of the Egyptian Businessmen's Association\u2019s tourism committee. The airline will operate four planes in an initial phase.<\/p>\n

America could make daylight saving time permanent next year<\/strong> after the US Senate unanimously passed a bill that would make it permanent starting 2023, putting an end to the biannual ritual of springing forward \/ falling back, the New York Times<\/a> reports. Backers of the legislation say the move would lead to brighter afternoons and make people more productive. The House of Representatives will need to okay the bill before it is signed by US President Joe Biden.<\/p>\n

Will other major economies follow?<\/strong> Canada, the United Kingdom, France and Italy still use daylight saving time \u2014 Japan doesn\u2019t. Egypt dumped time changes<\/a>in 2016<\/a>, with the peak of DST madness having come in 2014, when clocks changed four times in one year<\/a> (forward in spring, back for Ramadan, forward again after Ramdan, and then back in fall at the end of DST).<\/p>\n

ADDICTED TO THE PANDEMIC? The <\/strong>World Health Organization<\/a><\/strong> and major international media outlets <\/strong>are warning that it\u2019s too early to let down our guard against covid, pointing to surging case numbers in China and the prospect of yet another omicron wave in Europe<\/a>.<\/p>\n

\n

Nickel trading reopened \u2014 and was immediately suspended again after more chaos:<\/strong> An \u201cIT system error\u201d yesterday caused the London Metals Exchange (LME) to halt nickel trading immediately after it was reopened following a weeklong suspension, it announced in a statement (pdf)<\/a>. Prices plunged below the 5% daily limit after the market opened yesterday forcing the exchange to halt trading for six hours. The LME suspended trading of the metal earlier this week after market volatility saw its price treble in just two days as global commodities were rocked by the conflict in Ukraine<\/p>\n

CIRCLE YOUR CALENDAR-<\/strong><\/p>\n

EV-charging bid deadline extended:<\/strong> The Public Enterprises Ministry has extended the deadline for sending in expressions of interest for experienced companies that would like to manage the soon-to-be-established EV charging stations company, the cabinet announced in a statement.<\/a> Interested companies have until Thursday 24 March to send in their letters. Three companies have told the government they want to take part in the project so far, according to the statement.<\/p>\n

Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n","protected":false},"excerpt":{"rendered":"

Well, friends, we\u2019ve nearly made it through another workweek together, and our reward is ending the week on St. Patrick\u2019s Day (which happens to be The Colonel\u2019s birthday. We miss you, Dad.) 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The big news today is that it\u2019s interest rate day as the Central Bank of Egypt\u2019s Monetary Policy Committee meets to review rates. There\u2019s a firm consensus among analysts and economists we surveyed last week that policymakers will leave\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":576964,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/03\/fed-delivers-75-bps-rate-hike-powell-warns-we-still-have-some-ways-to-go-in-hawkish-presser\/","url_meta":{"origin":544710,"position":1},"title":"Fed delivers 75-bps rate hike, Powell warns \u201cwe still have some ways to go\u201d in hawkish presser","author":"enterpriseam admin","date":"3 November 2022","format":false,"excerpt":"US interest rates are now at their highest level since the beginning of 2008: As expected yesterday, the Federal Reserve delivered another huge interest rate hike, extending its most aggressive tightening cycle in decades and pushing rates to the highest level in almost 15 years. The central bank announced it\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":579318,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/02\/this-morning-the-fed-hiked-rates-yesterday-will-the-cbe-follow-today\/","url_meta":{"origin":544710,"position":2},"title":"THIS MORNING: The Fed hiked rates yesterday. Will the CBE follow today?","author":"enterpriseam admin","date":"2 February 2023","format":false,"excerpt":"Good morning, wonderful people, and a very happy THURSDAY. Don\u2019t relax just yet \u2014 it\u2019s already shaping up to be a very busy news day.DRIVING THE CONVERSATION here at home this morning: Prime Minister Moustafa Madbouly\u2019s announcement that stakes in no less than 20 state-owned companies will be offered to\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/30.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":590902,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/27\/fed-hikes-interest-rates-by-25-bps-signals-its-not-done-yet\/","url_meta":{"origin":544710,"position":3},"title":"Fed hikes interest rates by 25 bps, signals it\u2019s not done yet","author":"enterpriseam admin","date":"27 July 2023","format":false,"excerpt":"Interest rates are now at their highest level since 2001","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/1121.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":586137,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/07\/federal-reserve-raises-interest-rates-by-another-25-bps-despite-regional-banking-crisis\/","url_meta":{"origin":544710,"position":4},"title":"Federal Reserve raises interest rates by another 25 bps despite regional banking crisis","author":"enterpriseam admin","date":"7 May 2023","format":false,"excerpt":"Incoming inflation and jobs data + the plight of shaky regional lenders to determine what happens next","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/294.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":554011,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/16\/this-morning-cbe-gathers-for-its-final-policy-meeting-today-new-gafi-services-unit-for-egx-listed-companies-schools-out-in-alexandria-again\/","url_meta":{"origin":544710,"position":5},"title":"THIS MORNING: CBE gathers for its final policy meeting today + new GAFI services unit for EGX-listed companies + school\u2019s out in Alexandria (again)","author":"enterpriseam admin","date":"16 December 2021","format":false,"excerpt":"Good morning, friends, and welcome to the final day of the workweek. We\u2019re looking forward to the weekend, even though our hopes of seeing Egypt in the Arab Cup final match on Saturday were dashed last night after the Pharaohs scored an own-goal in the last few seconds of their\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544710","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=544710"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544710\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/544708"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=544710"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=544710"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=544710"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=544710"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=544710"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}