Central banks will keep borrowing costs high for long enough to ensure that inflation is brought under lasting control, the Bank for International Settlements has said, as it warned investors were overestimating the chances of rate cuts next year.
“Central banks have been very clear about the priority of getting the job done and of being cautious about declaring victory too early,” said Claudio Borio, head of the monetary and economic department at the BIS. “[This] cautious attitude is the appropriate one.”
The BIS said the pricing of financial assets still signalled a “firm expectation” among investors “that rate hikes would stop before the end of this year and that policy rates would decline materially in 2024”.
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