The sharp rate hikes implemented by the BSP boosted the yields for short-term local currency bonds (LCY) while the increases in US interest rates lowered the yields for longer-term bonds, according to the Asian Development Bank (ADB). Know more:
THE sharp rate hikes implemented by the Bangko Sentral ng Pilipinas boosted the yields for short-term local currency bonds while the increases in US interest rates lowered the yields for longer-term bonds, according to the Asian Development Bank .
“The decline in yields at the longer end was influenced by expectations of a slowdown in domestic inflation. This allowed the BSP to moderate the pace of its rate hike by 25 bps in its 23 March policy meeting before holding rates steady at 6.25 percent on 18 May,” it added. “However, in the United States, concern over financial stability and inflation is causing uncertainty about the Federal Reserve’s monetary stance. Financial conditions in the region may continue to be affected by this uncertainty,” he added.
The region’s local currency bond stock grew 9.1 percent from a year earlier to $23.8 trillion at the end of March.
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