Bank Indonesia hikes rates again to support rupiah, curb inflation

It's a week of global central bank action with policymakers pulling in different directions, trying to keep the balance between containing inflation and supporting growth. Taiwan's central bank kept its benchmark discount rate unchanged at 2%, even as it sharply raised this year's growth forecast to 9.45%. The US held rates at 3.5% to 3.75% in Kevin Warsh's first meeting as the new Federal Reserve chairman. The Philippines' central bank moved more decisively to address upward price pressures, raising its key rate by 25 basis points to 4.75%. Meanwhile, Bank Indonesia raised the benchmark rate to 5.75% as policymakers try to steady the falling rupiah and attract foreign inflows.