Bank notes: July to September 2025

- Central Banking staff
- 29 Aug 2025

Monetary policyFed holds rates, despite pressure from White House

The Federal Reserve held rates at 4.25–4.5% on July 30. Fed chair Jerome Powell said the decision reflected the fact that trade negotiations were in flux, and that people were starting to get a better sense of the effective levels of tariffs.

ECB pauses rate-cutting campaign

The European Central Bank paused its rate-cutting campaign on July 24. ECB president Christine Lagarde said the bank was taking a “wait and watch” stance in an

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