March 21, 2024
United States:
Fed Stays on Track for Rate Cuts With One Eye on Bumpy Inflation
Federal Reserve policymakers are largely sticking to their path of interest-rate cuts — for now — after hitting a bump on the road to low and steady inflation.
The recent pickup in monthly inflation didn’t sway Fed Chair Jerome Powell’s message Wednesday that price pressures will continue to ease or that it will likely be appropriate to lower rates at some point this year. And a narrow majority of US central bank officials signaled they still expect to cut rates three times in 2024.
United Kingdom:
BOE Hawks Drop Their Push for Hikes as Rates Remain at 5.25%
Two of the Bank of England’s most ardent hawks withdrew their support for interest rate hikes, as the UK’s central bank voted for a fifth-straight meeting to keep policy unchanged.
Catherine Mann and Jonathan Haskel joined an 8-1 majority on the Monetary Policy Committee to keep rates at a 16-year high of 5.25%, the latest sign that the BOE was edging toward easing policy later this year. The vote represented the first time since September 2021 that no member of the panel had supported an increase.
Asia:
South Korea Early Export Data Show Growth Momentum Continues
South Korea’s early exports continued to grow in March as semiconductor and ship sales jumped, offering more confidence for policymakers targeting a faster economic expansion this year.
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