Box C: Global Ripples: Fed's Monetary Moves and their Impact on Emerging Economies

Turalay Kenc ()

National Institute Global Economic Outlook, 2024, issue 16, 53-63

Abstract: The US Federal Reserve's (Fed), signal of an impending rate cut cycle has on 31 July 2024 led to a notable appreciation of several emerging market (EM) currencies, with the Malaysian ringgit (MYR) standing out. As of October 15, 2024, the ringgit has strengthened by approximately 8 per cent against the US dollar (figure C1). This trend followed the Fed's earlier signal and its subsequent decision to lower its key overnight borrowing rate by 50 basis points (bps) to a range of 4.75 per cent to 5 per cent, marking the start of a rate-cut cycle with wide-reaching effects across various EM currencies.

Date: 2024
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