TOKYO — Earlier this year, most Asian countries wanted interest rates cut to boost consumer spending and economic growth. But it has been difficult for Asian central banks to cut interest rates ahead of the U.S., where the federal funds rate is at a 23-year high.
The US Federal Reserve last week delivered a massive 50 basis point interest rate cut, raising the federal funds rate to 4.75%-5% as it tries to steer the American economy into a soft recession.