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Global Central Bankers Convene to Discuss Final Interest Rate Decisions of 2023

Central bankers from half of the Group of 10 territories with the most-traded currencies are set to convene to determine their final interest rate policy decisions for this year. Overall, 60% of the world economy is set to determine their interest rate decisions by year-end.

Among the most anticipated decisions is that of the US Federal Reserve, due on Wednesday. The Fed is widely expected to keep its interest rate constant, at the highest rate in two decades, with rate cuts expected to come into play next year. “There’s no incentive for the Fed to sound too eager to cut rates, lest financial conditions loosen further,” Bloomberg Economics observed.

The European Central Bank is set to deliver its interest rate decision on Thursday, with executive board member Isabel Schnabel claiming that further rate hikes are unlikely. A rate cut is expected to be delivered in April 2024. The Bank of England, which is also set to announce its interest rate decision on Thursday, is expected to hold rates constant for a third straight month.

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