Banknotes: July to September 2023

A round-up of news and salient issues that have affected central bankers in the past three months

US Federal Reserve
Monetary Policy FOMC pauses, then hikes

The Federal Open Market Committee paused its rate rises for the first time in more than a year at its June 13–14 meeting. This followed 500 basis points of hikes through 10 consecutive meetings since March 2022, and left rates at 5–5.25%. “It may make sense for rates to move higher but at a more moderate pace,” said Fed chair Jerome Powell. Rates did move higher on July 26, when the FOMC ordered a 25bp hike to 5.25–5.5%. Powell said the committee would

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