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Added on the 24/11/2014 12:41:48 - Copyright : LFA
Federal Reserve chair Jerome Powell says that the "time has come" for the United States to start cutting interest rates. "The time has come for policy to adjust," he says in a keynote speech at the Jackson Hole Economic Symposium in the US state of Wyoming, according to prepared remarks, adding: "The direction of travel is clear." SOUNDBITE
Federal Reserve chair Jerome Powell says that his "confidence has grown" that the battle against inflation is on track. "After a pause earlier this year, progress toward our 2 percent objective has resumed. My confidence has grown that inflation is on a sustainable path back to 2 percent," he says in a keynote speech at the Jackson Hole Economic Symposium in the US state of Wyoming. SOUNDBITE
The Bank of England's governor announces a cut to its main interest rate for the first time since the Covid pandemic broke out in 2020, as British inflation has retreated in recent months. Andrew Bailey called it a "finely-balanced" decision, with policymakers agreeing on a cut by five votes to four. Bailey added, "we need to be careful not to cut rates too much or too quickly". SOUNDBITE
The President of the European Central Bank, Christine Lagarde, abstains from committing to a possible interest rate cut in September, saying that the outcome of the next meeting remains "wide open" and would depend on the latest data. SOUNDBITE
The US Federal Reserve left its key lending rate unchanged on and penciled in just one rate cut this year, down from the three expected in March. SOUNDBITE
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