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Major Central Banks worldwide share a common goal: interest rate cuts
On August 24th, Jin10 data reported that officials from the world's three major Central Banks hinted on Friday that they will firmly drop or continue to drop interest rates in the coming months. This marks the end of the era of high borrowing costs as the global economy recovers from the pandemic-induced inflation control. Federal Reserve Chairman Powell said at the Jackson Hole conference, 'It's time for policy adjustments.' He almost promised that the Fed will cut interest rates at the September meeting. The determination of the start date for interest rate cuts, as well as the efforts of many major Central Banks around the world moving in the same direction, have eased some investor anxieties. Following the milestone interest rate cut in June, several members of the European Central Bank, including Finnish Central Bank Governor Rehn, Latvian Central Bank Governor Kazaks, Croatian Central Bank Governor Vujcic, and Portuguese Central Bank Governor Centeno, have indicated that they will support another rate cut next month. Bank of England Governor Bailey, in a prepared speech, indicated an open attitude towards further interest rate cuts, stating that the risk of persistent inflation is diminishing. However, Powell and other Fed officials did not provide much guidance on how quickly they plan to continue lowering interest rates in the coming months. Diane Swonk, Chief Economist at KPMG, said, 'It's all about choice and adjusting how they 'come down' from here.' 'This speech clearly indicates that the labor market is now their top priority.'