BoE insists that monetary policy must remain restrictive for ‘an extended period’, after money markets anticipated five rate cuts in 2024
- Bank of England holds rates at 5.25% as it gives inflation warning
- Markets bet on UK interest rate cuts in 2024 amid recession risk
- Dow closes at record high after Fed signals it will cut interest rates in 2024
Switzerland’s central bank has left interest rates on hold this morning.
The Swiss National Bank voted to maintain its policy rate unchanged at 1.75%, saying that while inflationary pressure has decreased slightly there is still high uncertainty.
The SNB will therefore continue to monitor the development of inflation closely, and will adjust its monetary policy if necessary to ensure inflation remains within the range consistent with price stability over the medium term
Today we get the outcomes of the ECB and Bank of England policy meetings.
While both will follow the Federal Reserve in leaving rates unchanged, don’t expect President Lagarde and Governor Bailey to follow Chair Powell in opening the door wide open to sizable and early rate cuts in 2024 — and this despite the weaker economies in both jurisdictions relative to the US.
Continue reading…
