HKMA keeps base rate at 4% as US market slumps, fears the Fed is losing inflation fight

Hong Kong’s monetary authority has maintained its base rate following the US Federal Reserve’s decision to keep its key rate unchanged.
The city’s base rate was kept at 4 per cent by the Hong Kong Monetary Authority (HKMA) on Thursday. Hours earlier, the US Federal Reserve also retained its target rate in the range of 3.5 per cent to 3.75 per cent, concluding its fifth Federal Open Market Committee (FOMC) meeting this year.
The US stock market slumped on Wednesday with the Dow Jones down 1,152...