Rate hikes force revised outlook for credit

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The effects of global rates on credit came into play last month with key decisions in the US, European and UK markets. A round of 17 successive rate rises by the Fed came to an end on August 8 when the Federal Open Market Committee decided to keep levels stable at 5.25%. In the UK, the Bank of England surprised the market with a 25bp hike to 4.75%, which was followed by a similar notch-up by the European Central Bank (ECB) to 3%. In July, Japan's era of almost zero rates were punctuated with

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