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Pedestrians walk past a billboard announcing the World Bank Group and International Monetary Fund annual meetings, on the side of the International Monetary Fund headquarters in Washington DC on October 5, 2023. Mandel Ngan | Afp | Getty ImagesTop economists and central bankers appear to be in agreement on one thing: interest rates will stay higher for longer, clouding the outlook for global markets.Central banks around the world have hiked interest rates aggressively over the past 18 months or so in a bid to rein in soaring inflation, with varying degrees of success thus far.Before pausing its hiking cycle in September, the U.S. Federal Reserve had lifted its main policy rate from a target range of 0.25-0.5% in March 2022 to 5.25-5.5% in July 2023.Despite the pause, Fed officials have signaled that rates may have to remain higher for longer than markets had initially expected if inflation is to sustainably return to the central bank’s 2% target.This was echoed by World Bank President Ajay Banga, who told a news conference at the IMF-World Bank meetings last week that rates will likely …
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