July 26, 2024
United States:
Fed Seen Signaling September Rate Cut at Next Week’s Meeting
The Federal Reserve is likely to signal next week its plans to cut interest rates in September, according to economists surveyed by Bloomberg News, a move they say will kick off reductions each quarter through 2025.
Nearly three-quarters of respondents say the US central bank will use the July 30-31 gathering to set the stage for a quarter-point cut at the following meeting in September. They’re divided, however, about how policymakers will do so.
United Kingdom:
The BOE Gets a Positive Hint About Rate Cuts From Service Prices
Some of the UK price indicators the Bank of England is watching closely for signs of lingering inflation are flashing a green light for interest-rate reductions as soon as next week.
Analysis by Bloomberg Economics showed that services inflation has eased more than the headline measure suggests, once volatile parts dismissed by central bank officials and the impact of Taylor Swift’s concert tour are stripped out.
Asia:
Taiwan Central Bank Minutes Show Debate on Inflation, Housing
Taiwan’s central bank may keep monetary policy relatively tight for some time, with the minutes of its latest policy meeting showing a debate over the outlook for inflation and the heated housing market.
The board unanimously voted to keep borrowing costs at 2% at their June 13 policy meeting but one member initially called for a rate hike, and another said they would agree with an increase in borrowing costs, according to minutes of the meeting released on Friday. Both warned that rising property rents are increasingly fueling consumer price inflation.
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