Investors called yesterday “Super Thursday.” What was so super? Super big interest rate hikes across the globe. Yay?
The Bank of England raised rates by 0.5% to come to 2.25%. This move had been delayed by the 10 days of mourning for Queen Elizabeth II. Switzerland raised rates by 0.75%. Due to 3.5% inflation. Sweden raised rates by 1%. Same story in Norway and South Africa.
Japan is also dealing with high inflation but did not raise interest rates. Instead the country sold off dollars and bought yen to slow the fall of the Japanese currency.
Super Thursday sounds much more fun than it actually was doesn’t it?
