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BSP Does Not Need To Match Fed Rate Hikes (Medalla)

PHILIPPINES
  • The next BSP Governor Medalla (assuming office on June 30) said that successive rate increases cannot be rule out given the global inflationary pressures but BSP will remain data driven.
  • As a reminder, BSP hiked its policy rate by 25bps to 2.5% last week (its second hike since the start of the tightening cycle in April),.
  • However, Medalla mentioned that the economic recovery is still nascent, and that the BSP does not need to match Fed rate hikes.
  • *MEDALLA: BSP NOT RULING OUT 50-BPS RATE HIKE, DATA TO GUIDE
  • *MEDALLA: BSP WANTS MARKET-DETERMINED PESO, INTERVENES IF NEEDED (bbg).

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