US Federal Reserve
At the US Federal Reserve’s latest meeting, interest rates were held steady at 22-year highs. Investors heaved a sigh of relief as the benchmark was kept between 5.25% and 5.5%. However, the central bank signalled that one more rate hike was needed for the remainder of 2023 to bring inflation under control. This proclamation meant that rates would end at 5.5% to 5.75% by the end of this year. Meanwhile, officials also pencilled in a 0.5% rate cut in 2024, a change of stance compared to June when they expected to cut rates by a full percentage point. This new development implies that interest rates will be held high for a longer time. US core inflation rose 4.3% in August, down from 4.7% in July, but still above the Federal Reserve’s long-term target of 2%. The central bank continues to weigh incoming data on economic growth, unemployment, and inflation before deciding on its next move....Welcome to this week’s edition of top stock market highlights.
