Europe’s top central bankers insisted on Thursday it was too soon to let down their guard against high inflation despite an extraordinary volte-face hours before by Jay Powell, chair of the US Federal Reserve.
While the European Central Bank and the Bank of England appear determined to push back against rate-cutting speculation, their protests risk being drowned out as investors bet they will follow the Fed in signalling cuts to borrowing costs in 2024.
“Major central banks can deviate from the Fed in principle, but doing so in a significant way for an extended period historically has been difficult to do,” said Nathan Sheets, a former US Treasury official who now heads global macroeconomic research at PGIM Fixed Income.
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