Gate News reports that on March 12, Morgan Stanley economists stated that persistently high oil prices could push some Asian central banks toward a hawkish monetary policy stance. Recent surges in crude oil and natural gas prices have posed trade shocks to many economies in the region. Economists pointed out that across the region, fiscal policy is likely to be the first line of defense in buffering households from the impact. Rising oil prices will increase the likelihood of tightening policies in Singapore and Malaysia, while reducing the chances of interest rate cuts in Indonesia and the Philippines. Regarding whether the Bank of Korea will raise interest rates as a result, economists analyze that it will depend on whether the oil-driven shocks persist and whether they are sufficient to influence inflation expectations and cause a second-round effect on core inflation.
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