A US rate-setter says there’s “no hurry” to lower interest rates.

A prominent member of the US central bank, the Federal Reserve, told the BBC that interest rate reductions should not be rushed and that inflation is only “very, very slowly” declining.

BBC: US rate-setter says there's "no hurry" to lower interest rates.
A US rate setter says there’s “no hurry” to lower interest rates.
The head of the Atlanta Federal Reserve, Raphael Bostic, stated to BBC News that US interest rates will need to be maintained at a “restrictive level” and may only begin to decline “at the end of 2024.”.The world economy has been affected in recent weeks by the expectation of a delay in US interest rate decreases, which has affected the cost of borrowing for governments, particularly in the UK.

Markets anticipated a string of rate cuts in the US and throughout Europe at the start of the year.”What happens in the US has a knock-on impact in the UK… inflation coming in slightly above expectations in the US has had some impact on market yields in the UK,” Chancellor Jeremy Hunt told reporters on the sidelines of the International Monetary Fund’s (IMF) Spring Meeting.

These shifts in the government debt market may result in increased costs for business and mortgage borrowing. Andrew Bailey, the governor of the Bank of England, made a point of stating in Washington that the UK’s inflation pattern differed from the US’s.

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