Money News Overview Friday 27th October 2023: ECB keeps interest rates on hold

Last night the USA released their latest Monetary Policy Statement, as expected the interest rate has stayed the same, markets are growing increasingly confident that a rate cut in September could be on the cards.

The ECB left policy unchanged yesterday for the first time since June 2022. President Lagarde reaffirmed at the press conference that the ECB will keep interest rates at a sufficiently restrictive level for as long as it takes to return inflation to target. Despite the recent slowdown in business, this suggests that rate cuts are not now on the table.

The focus will shift to the remaining economic statistics due ahead of the Bank of England and US Federal Reserve policy announcements next week.

of importance are from the United States. In September, core-PCE inflation is expected to fall to 3.7% from 3.9%. Meanwhile, consumer spending and income are expected to remain strong in September.

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