OECD says interest rates should stay high ‘until well into 2024’
Report says monetary policy needs to stay tight until underlying inflationary pressures are lowered
The Organisation for Economic Co-operation and Development (OECD) has called on members to maintain tight monetary policies into next year.
In its interim economic outlook report, issued on September 19, the group said that “monetary policy needs to remain restrictive until there are clear signs that underlying inflationary pressures are durably lowered”.
As a result, it did not think most central banks in advanced economies would be able to cut rates much “until well into 2024”. The OECD
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