Impact of US Fed rate hikes on local currencies
The highlight of this week, news that will continue to shake markets, U.S. Federal Reserve officials on Tuesday reiterated their support for further interest-rate hikes to quell inflation, with the influential chief of the New York Fed saying the central bank will likely need to get its policy rate "somewhat above" 3.5% and keep it there through the end of 2023. What this means is that currencies in Uganda, Kenya, and Ghana could continue to be affected and stay like that, we might even see the bank of Uganda tighten soon, again who knows.
