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WASHINGTON, June 17 - Six months ago the world's major central banks were primed for a move that anyone with a credit card or hoping to buy a home or run a business would cheer: A global shift to lower interest rates that would make borrowing cheaper and loans more available across the board.
After rapidly raising interest rates in 2022 and 2023 to fight inflation, the initial move to loosen policy will be"consequential," Powell said at a press conference last week when new projections from Fed policymakers showed them anticipating only a single quarter-percentage-point rate cut by the end of the year, down from the three projected in December and March.
Accordingly, the BoE is expected to keep rates on hold in its last policy meeting of Prime Minister Rishi Sunak's term - meaning that the move towards lower borrowing costs will await Britain's next government instead. But for now, ECB President Christine Lagarde and her team remain broadly confident that inflation will still tick down to the 2% target by the end of 2025.
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