Investors are pushing back their expectations of interest rate cuts around the world, as the US Federal Reserve’s battle with price pressures complicates other central banks’ loosening plans.
As the US reported the latest in a string of poor inflation figures, markets reined in their forecasts for rate cuts by the European Central Bank and the Bank of England, as well as by the Fed itself.
“The Fed’s inflation problems have a global dimension and other central banks cannot ignore them,” said James Knightley, chief international economist at ING in New York. “In particular, if the Fed can’t cut rates soon it could stoke up dollar strength, which causes stress for the European economy and constrains other central banks’ ability to cut rates.”
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