June 19, 2025
United States:
Fed Officials Hold Rates Again, Still See Two Cuts by Year End
Federal Reserve officials continued to pencil in two interest-rate cuts in 2025, though new projections showed a growing divide among policymakers over the trajectory for borrowing costs as tariffs make their way through the US economy.
The Federal Open Market Committee voted unanimously on Wednesday to hold the benchmark federal funds rate in a range of 4.25%-4.5%, as they have since the beginning of the year.
United Kingdom:
Bank of England Holds Key Rate at 4.25% in Dovish Split Vote
The Bank of England held interest rates at 4.25% in a more divided vote than expected as policymakers weighed up the UK’s softening jobs market and weak growth against a backdrop of mounting geopolitical tensions.
In a decision that left rates on course for a potential quarter-point cut in August, six of the BOE’s nine Monetary Policy Committee members voted to leave rates unchanged while three — externals Swati Dhingra and Alan Taylor, as well as Deputy Governor Dave Ramsden — preferred an immediate quarter-point reduction. Economists had expected a 7-2 split.
Asia:
Japan to Propose Trimming Super-Long Bond Issuance from July
Japan’s finance ministry is considering trimming its issuance of super-long bonds starting in July, according to a draft of a revised bond issuance plan seen by Bloomberg.
The ministry is set to propose cutting issuance of 20-, 30- and 40-year bonds by ¥100 billion ($690 million) each per auction through the end of March 2026, the draft plan showed Thursday.
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