The HKMA’s Response to the US Fed’s Interest Rate Decision

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02 May 2024

The HKMA’s Response to the US Fed’s Interest Rate Decision

The Federal Open Market Committee of the Federal Reserve (the Fed) announced early today (Hong Kong time) after its two-day meeting that it had decided to keep the target range for the federal funds rate unchanged at 5.25-5.5%.

The Fed’s future interest rate decisions will be dependent on incoming data, the evolving outlook and the balance of risks.  It has not yet gained enough confidence about the US inflation trajectory to start cutting interest rates.  The high interest rate environment may last for some time.

The financial and monetary markets of Hong Kong continue to operate in a smooth and orderly manner.  The Hong Kong dollar exchange rate remains stable, and the Hong Kong dollar interbank rates might remain high for some time.  The public should carefully assess and manage the relevant risks when making property purchase, mortgage or other borrowing decisions.  The HKMA will continue to closely monitor market developments and maintain monetary and financial stability.


Hong Kong Monetary Authority
2 May 2024

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Last revision date : 02 May 2024