Key interest rates are maintained by the Federal Reserve and the Bank of England

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Mumbai: At the end of the two-day meeting, the US Federal Reserve has kept its key interest rate unchanged. At the end of two of the last three meetings, the Federal Reserve kept interest rates unchanged. On the other hand, Britain has also decided to maintain the repo rate. Keeping in mind the reduction in inflation, both the central banks have stopped interest rate hike for now.

Jerome Powell, chairman of the Federal Open Market Committee (FOMC), said while speaking to reporters that interest rate hikes have been halted as inflation eases. However, some members of the committee hinted at an increase in interest rates in the current year. The prime interest rate is currently 5.40 percent.

The Fed has hiked interest rates 11 times since March 2022 and the Fed wants to review how these hikes affect prices.

Retail inflation, which touched a high of 9.10 percent in June 2022, eased to 3.70 percent last month. However, it is still higher than the Fed's two percent target.

The Federal Reserve also indicated that interest rates will be cut twice in 2024. Earlier, in June, cuts were indicated four times.

Meanwhile, according to another report, the Bank of England decided to maintain the interest rate at the end of Thursday's meeting after increasing the interest rate 14 times in a row. Considering the reduction in inflation, the Bank of England has decided to maintain the interest rate at 5.25 percent.

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