The changes in interest rates in major countries compared to previous period as of May 23 2023

Interest rates in major economies are rising as central banks around the world try to combat inflation. The United States, United Kingdom, and Turkey have all raised interest rates in recent months, and more hikes are expected in the coming months.

The Federal Reserve is expected to raise interest rates by 0.5% at its next meeting on June 15th. This would be the third consecutive rate hike and would bring the Fed's benchmark interest rate to 1.5%. The Fed is also expected to continue raising rates throughout the year in an effort to bring inflation under control.

The Bank of England raised interest rates by 0.25% in May, bringing the Bank Rate to 1.0%. This was the fourth consecutive rate hike and the highest level of interest rates in the UK since 2009. The Bank of England is expected to continue raising rates in the coming months, but the pace of hikes is likely to slow as the UK economy shows signs of slowing down.

The Central Bank of Turkey raised interest rates by 0.5% in May, bringing the policy rate to 17.5%. This was the 15th consecutive rate hike and the highest level of interest rates in Turkey since 2003. The Central Bank of Turkey is under pressure to raise interest rates even further in order to combat inflation, which is currently running at an annual rate of 73.5%.

The rise in interest rates is likely to have a number of economic consequences. Higher interest rates will make it more expensive for businesses to borrow money, which could lead to slower economic growth. Higher interest rates will also make it more expensive for consumers to borrow money, which could lead to a decline in consumer spending.

The rise in interest rates is also likely to have a negative impact on the stock market. Higher interest rates make it more attractive to invest in bonds, which offer a fixed rate of return. This can lead to investors selling stocks and buying bonds, which can cause stock prices to fall

+----+----------------+-----------+------------+-------------+--------+--------------+
|    | Country        |   Current |   Previous | Reference   | Unit   |   Difference |
|----+----------------+-----------+------------+-------------+--------+--------------|
|  0 | United States  |    5.25   |     5      | May/23      | %      |     0.25     |
|  1 | United Kingdom |    4.5    |     4.25   | May/23      | %      |     0.25     |
|  2 | Turkey         |    8.5    |     8.5    | May/23      | %      |     0        |
|  3 | Switzerland    |    1.5    |     1.5    | May/23      | %      |     0        |
|  4 | South Korea    |    3.5    |     3.5    | May/23      | %      |     0        |
|  5 | South Africa   |    8.25   |     7.75   | May/23      | %      |     0.5      |
|  6 | Singapore      |    3.72   |     3.72   | Jun/23      | %      |     0        |
|  7 | Saudi Arabia   |    5.75   |     5.5    | May/23      | %      |     0.25     |
|  8 | Russia         |    7.5    |     7.5    | May/23      | %      |     0        |
|  9 | Mexico         |   11.25   |    11.25   | May/23      | %      |     0        |
| 10 | Japan          |   -0.1    |    -0.1    | May/23      | %      |     0        |
| 11 | Indonesia      |    5.75   |     5.75   | May/23      | %      |     0        |
| 12 | India          |    6.5    |     6.5    | May/23      | %      |     0        |
| 13 | Euro Area      |    3.75   |     3.5    | May/23      | %      |     0.25     |
| 14 | China          |    3.65   |     3.65   | Jun/23      | %      |     0        |
| 15 | Canada         |    4.5    |     4.5    | Apr/23      | %      |     0        |
| 16 | Brazil         |   13.75   |    13.75   | May/23      | %      |     0        |
| 17 | Australia      |    4.1    |     3.85   | Jun/23      | %      |     0.25     |
| 18 | Argentina      |   97      |    91      | May/23      | %      |     6        |
| 19 | Average        |   10.4537 |    10.0458 |             |        |     0.407895 |
+----+----------------+-----------+------------+-------------+--------+--------------+

The following charts depict the current interest rates for major countries as of May/23 2023. Among the major countries, seven have raised their interest rates compared to the previous period. These countries include the United States, United Kingdom, South Africa, Saudi Arabia, Euro Area, Australia, and Argentina.