HSBC CEO Calls for Higher Interest Rates

The chief executive of Europe's biggest lender on Tuesday called on central bankers to raise interest rates in order to combat inflation.

Michael Geoghegan, group chief executive at London-based HSBC Holdings, said central banks were not yet committed to taming inflation, and predicted U.S. interest rates would rise after the U.S. presidential election in November.

"Inflation is a long-term problem because there is no long-term will to solve it," Geoghegan said during a speech organised by the Asia Society in Hong Kong.