US holds interest rates steady but signals three cuts on the way this year

Federal Reserve's decision eases pressure on Bank of England to reduce UK rates when it meets on Thursday

This rate sets what banks charge each other for overnight lending, it but feeds through to many forms of consumer borrowing such as car loans and mortgages – and has a big influence on the world economy. Jerome Powell, the Federal Reserve chairman, later said there was confidence that US inflation will come down to its target, but uncertainty about when that will happen.US inflation in January and February were high but the “story hasn’t changed – inflation is coming down gradually but the road is bumpy,” he added.

Growth is now seen at 2.1 per cent for the year, up from the 1.4 per cent projected at the Fed’s last meeting three months ago.

Source: Loan Digest (loandigest.net)

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