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The Hong Kong Monetary Authority (HKMA) cut its base rate by 25bps to 4.5% on September 18, after the US Federal Reserve delivered its first rate reduction since December 2024 and signaled further easing through year-end. With the Hong Kong dollar pegged to the US dollar, the HKMA must closely follow Fed policy. Chief Executive Eddie Yue said the move should support the property market and broader economy. Meanwhile, recent volatility in the local currency has already prompted interventions to defend the peg through dollar sales. The cut comes as Hong Kong faces a mixed outlook: the government has warned that trade policy uncertainty could weigh on investment and cross-border trade, yet the economy expanded 3.1% year-on-year in Q1 2025, driven by tourism and exports. Still, the HKMA urged households and businesses to stay cautious in property, investment, and borrowing decisions, citing the risk of further interest rate swings as global monetary conditions evolve.