{"id":578206,"date":"2022-12-19T04:09:15","date_gmt":"2022-12-19T04:09:15","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/19\/expect-central-banks-to-stay-hawkish-deep-into-2023-amid-stubborn-inflation\/"},"modified":"2022-12-19T04:09:15","modified_gmt":"2022-12-19T04:09:15","slug":"expect-central-banks-to-stay-hawkish-deep-into-2023-amid-stubborn-inflation","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/19\/expect-central-banks-to-stay-hawkish-deep-into-2023-amid-stubborn-inflation\/","title":{"rendered":"Expect central banks to stay hawkish deep into 2023 amid stubborn inflation"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>Central banks won\u2019t be taking their feet off the gas anytime soon:<\/strong> Despite hopes in some quarters that central banks will begin to dial back the aggressive monetary tightening in the new year, we should brace for further rate hikes triggered by continued inflationary pressures. This is according to the <a href=\"https:\/\/www.ft.com\/content\/7354b85e-64b5-4cc5-bcf3-ee74fe6d4915\">Financial Times<\/a>, which points out that core inflation rates are continuing to rise in most major economies, keeping the pressure on monetary policymakers to continue raising interest rates.<\/p>\n<p><strong>But Enterprise, I thought inflation had peaked?<\/strong> Headline inflation rates have indeed begun to fall back in most developed economies over the past couple of months, leading global markets and the financial press to speculate that central bankers may be about to relax their hardline policy stances.<\/p>\n<p><strong>Yes, but:<\/strong> According to the FT, core inflation \u2014 which strips out volatile food and energy prices \u2014 is showing no signs of slowing down in the majority of the 33 countries it tracks.<\/p>\n<p><strong>Federal Reserve chair Jerome Powell <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/52227eb0-e92b-467c-9665-2f8ec8f8decd\">indicated as much<\/a><\/strong><strong> last week<\/strong>, telling a disappointed market that, even though the central bank had chosen to raise rates by a small 50 bps, that \u201cwe still have some ways to go.<\/p>\n<p><strong>\u201cThere is still the potential for plenty of pain ahead<\/strong> \u2026 Stubbornly high prices continue to cause severe headaches for economies,\u201d one analyst told the paper.<\/p>\n<p><strong>Also worth noting:<\/strong><\/p>\n<ul>\n<li><strong>JPMorgan is bullish on EM bonds as global growth + inflation brake:<\/strong> Strategists at US investment bank JPMorgan are backing taking an overweight position on local emerging-market bonds, whose risk-reward profile they say is becoming more attractive against USD counterparts as global growth and inflation slow, according to a note seen by <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-12-16\/jpmorgan-says-buy-emerging-world-debt-as-growth-inflation-slow?srnd=premium-middle-east&leadSource=uverify%20wall\">Bloomberg<\/a>.<\/li>\n<li><strong>Major layoffs planned at Goldman:<\/strong> Goldman Sachs is reportedly planning to cut around 8% of its workforce in January in preparation for a tougher economic environment. (<a href=\"https:\/\/www.cnbc.com\/2022\/12\/16\/goldman-sachs-is-planning-to-cut-up-to-8percent-of-its-employees-in-january.html\">CNBC<\/a>)<\/li>\n<li><strong>Musk is already looking for new equity investors for Twitter:<\/strong> Elon Musk could sell more shares in Twitter to new investors in a bid to buoy the platform as it faces advertisers\u2019 exits and looming debt payments. (<a href=\"https:\/\/www.semafor.com\/article\/12\/16\/2022\/elon-musks-team-is-seeking-new-investors-for-twitter\">Semafor<\/a>)<\/li>\n<\/ul>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table table-striped markets-table'>\n<tbody>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>14,843<\/p>\n<\/td>\n<td>\n<p>-2.0% (YTD: +24%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 24.66<\/p>\n<\/td>\n<td>\n<p>Sell 24.74<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 24.65<\/p>\n<\/td>\n<td>\n<p>Sell 24.72<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>13.25% deposit<\/p>\n<\/td>\n<td>\n<p>14.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>10,252<\/p>\n<\/td>\n<td>\n<p>-0.4% (YTD: -9.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>10,328<\/p>\n<\/td>\n<td>\n<p>+1.6% (YTD: +21.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,329<\/p>\n<\/td>\n<td>\n<p>+0.4% (YTD: +4.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,852<\/p>\n<\/td>\n<td>\n<p>-1.1% (YTD: -19.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,332<\/p>\n<\/td>\n<td>\n<p>-1.3% (YTD: -0.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,804<\/p>\n<\/td>\n<td>\n<p>-0.8% (YTD: -11.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 79.04<\/p>\n<\/td>\n<td>\n<p>-2.7%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 6.60<\/p>\n<\/td>\n<td>\n<p>-5.3%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,800.20<\/p>\n<\/td>\n<td>\n<p>+0.7%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 16,750<\/p>\n<\/td>\n<td>\n<p>+0.2% (YTD: -63.8%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>THE CLOSING BELL-<\/strong><\/p>\n<p><strong>The EGX30 fell 2.0% at yesterday\u2019s close<\/strong> on turnover of EGP 1.98 bn (31.8% above the 90-day average). Local investors were net buyers. The index is up 24.2% YTD.<\/p>\n<p><strong>In the green: <\/strong>Telecom Egypt (+2.3%), Juhayna (+2.1%) and AMOC (+1.2%).<\/p>\n<p><strong>In the red: <\/strong>Alexandria Container and Cargo Handling (-5.8%), Palm Hills Development (-4.4%) and Fawry (-3.7%).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Central banks won\u2019t be taking their feet off the gas anytime soon: Despite hopes in some quarters that central banks will begin to dial back the aggressive monetary tightening in the new year, we should brace for further rate hikes triggered by continued inflationary pressures. This is according to the Financial Times, which points out [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":578207,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[115,72,119,260,262,122,894,1010],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-578206","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-emerging-markets","tag-enterpriseam","tag-financial-markets","tag-goldman-sachs","tag-jpmorgan","tag-planet-finance","tag-social-media","tag-twitter","wpautop","entry"],"acf":{"mongo_id":"2ab230d9-4be8-4534-950e-8e50c81541d6","is_powered_by":true,"section_story_id":"9cac2c9f-677e-4043-9928-94b6dd0702d1","story_type":"1","photo_url":"https:\/\/ent.news\/2022\/12\/395.jpg","photo_position":"above","related_issue":[578181],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Expect central banks to stay hawkish deep into 2023 amid stubborn inflation - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/19\/expect-central-banks-to-stay-hawkish-deep-into-2023-amid-stubborn-inflation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Expect central banks to stay hawkish deep into 2023 amid stubborn inflation\" \/>\n<meta property=\"og:description\" content=\"Central banks won\u2019t be taking their feet off the gas anytime soon: Despite hopes in some quarters that central banks will begin to dial back the aggressive monetary tightening in the new year, we should brace for further rate hikes triggered by continued inflationary pressures. 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Facing higher inflation for longer than first thought, the\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","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":547568,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/27\/forever-inflation-would-be-worse-than-recession-says-central-banks-bank-value-stocks-are-outperforming-equities-but-both-are-down-ytd\/","url_meta":{"origin":578206,"position":3},"title":"Forever-inflation would be worse than recession, says central banks\u2019 bank + Value stocks are outperforming equities \u2014 but both are down YTD","author":"enterpriseam admin","date":"27 June 2022","format":false,"excerpt":"What\u2019s worse than a recession? 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