The Federal Reserve raises interest rates by 25 basis points, while the Hong Kong Monetary Authority raises its benchmark interest rate to 4.25%

The Federal Reserve raised the target range for the federal funds rate by 25 basis points to 3.75% to 4%, and the Hong Kong Monetary Authority subsequently raised the benchmark rate by 25 basis points to 4.25%. The Chief Executive of the Hong Kong Monetary Authority, Yu Weiwen, stated that the currency and financial markets in Hong Kong continue to operate in an orderly manner, and the widening interest rate differential between Hong Kong and the United States may weaken the Hong Kong dollar. Banks will assess adjustments to deposit and loan interest rates, and Hong Kong citizens need to manage interest rate risks when making decisions to purchase, invest, or borrow. The Hong Kong Monetary Authority will closely monitor market changes and maintain monetary and financial stability.