Central banks, including the Bangko Sentral ng Pilipinas, might go more dovish following the failure of two banks in the United States, according to Goldman Sachs. | RonWDomingoINQ /PDI
Just a week ago before the two US banks collapsed and after the Philippine Statistics Authority reported a slight slowdown in headline inflation in the country, Goldman Sachs said the ongoing acceleration in core inflation remains concerning.
“However, there is a risk of a smaller 25 [basis point] hike following [February’s] lower-than-expected inflation print,” it added. “There is no reported exposure of Philippine banks to Silicon Valley Bank,” Diokno said. “I think the US Fed and US finance authorities have successfully ring fenced the banking turmoil.”Meanwhile, the Bankers Association of the Philippines expressed confidence that the recent developments in the US financial system have no substantial or material impact on Philippine banks.
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