The global trend is towards lowering the benchmark interest rate. Meanwhile, the Fed is still holding its benchmark interest rate.
Please note that this article was automatically translated using Microsoft Azure AI, Open AI, and Google Translation AI. We cannot ensure that the entire content is translated accurately. If you spot any errors or inconsistencies, contact us atARI KUNCORO, REKTOR UNIVERSITAS INDONESIAThe Governor of the Central Bank of the United States, Jerome Powell, arrived to hold a press conference at the William McChesney Martin Building in Washington, DC, on March 20, 2024.
Meanwhile, indirect impacts occur through backward linkage with the manufacturing sector which produces materials used to build houses. These include wood, nails, cement and iron. The Fed's high interest rate policy to reduce US inflation has been implemented since mid-March 2022. The positive impact for Indonesia is non-oil and gas exports to the US still growing by 6 percent annually amidst the decline in non-oil and gas exports growth by minus 9.24 percent in February 2024 due to the slowdown of the global manufacturing sector.The replacement for the housing sector as the growth engine in the US is the service sector.
The dilemma is if the benchmark interest rate is maintained at its current level, the imbalance between the demand and supply of houses will continue to exist. Inflation will remain in the range of 3 percent and difficult to be pushed down to 2 percent.
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