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

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  • Turalay Kenc

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.

Suggested Citation

  • Turalay Kenc, 2024. "Box C: Global Ripples: Fed's Monetary Moves and their Impact on Emerging Economies," National Institute Global Economic Outlook, National Institute of Economic and Social Research, issue 16, pages 53-63.
    • Handle: RePEc:nsr:niesrb:i:16:y:2024:53-63
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