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HSBC Forecasts Fed to Cut Rate by 0.25% Each of Next 6 Meetings; HK Credit Demand May Not Rebound Imminently
The Federal Reserve announced a 0.5% interest rate cut last month, and a number of Hong Kong banks, including HSBC, BOC HONG KONG (02388.HK) and HANG SENG BANK (00011.HK), immediat...
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HSBC Forecasts Fed to Cut Rate by 0.25% Each of Next 6 Meetings; HK Credit Demand May Not Rebound Imminently
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The Federal Reserve announced a 0.5% interest rate cut last month, and a number of Hong Kong banks, including HSBC, BOC HONG KONG (02388.HK)  +0.250 (+0.998%)    Short selling $56.38M; Ratio 23.408%   and HANG SENG BANK (00011.HK)  +0.650 (+0.712%)    Short selling $47.15M; Ratio 34.521%   , immediately followed the footstep and lowered their prime rates by 0.25%.

In an interview with local media, Luanne Lim, CEO of HSBC's Hong Kong business, said that the vacancy rate of Grade A offices in Hong Kong is still at a historical high, foreseeing the overall commercial real estate market to remain meager. There will be no immediate rebound in credit demand in Hong Kong, she predicted, and that the Fed will cut interest rates by 0.25% at each of its next six meetings, with the target range for the federal funds rate falling to 3.25%-3.5% by June 2025.

Lam highlighted that the current outlook for US interest rates is uncertain and dynamic. In the meantime, the adjustment of Hong Kong's prime rate depends on the situation at specific moment, and it cannot be expected that every time the US would reduce interest rates and Hong Kong's prime rate would also drop accordingly.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-11-15 16:25.)

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