The central bank indicated in April that it would cut in June. However, it shocked markets by deciding to keep rates on hold.
Mark Carney, the governor of the central bank, on Thursday said that a number of global economic developments in the period between the April and June decisions justified the policy shift.
Carney noted that commodity
- Trump criticises Fed over rate rises and threatens higher tariffs
- Banks tend to game stress tests, Fed economists say
- Central bank digital currency a ‘terrible idea’, US Congress told
- Implementation of new Sofr rate is “ahead of schedule”, says Fed vice-chair
- MAS strengthens use of data to combat financial crimes