Expect status quo on rate and no change in stance

As the festival season approaches, followed by elections, state and national, there will be pressure on liquidity since cash with the public will rise

On September 20, the Federal Reserve left its target federal funds rate unchanged, but continued with its hawkish stance and projected another rate hike by the end of the year and a tighter monetary policy through 2024. Since March 2022, it has raised its benchmark rate 11 times — the fastest pace of tightening since the early 1980s.

Around the same time, in a surprise move, the Bank of England ended the run of 14 straight interest rate hikes since the end of 2021, leaving the base rate unchanged at 5.25 per cent.

It was a close call, with Governor Andrew Bailey